Bitcoin Bull Flag?
The textbook definition of a perfect bull flag requires the following
1. A significant period of price discovery
2. A window of consolidation
3. An extended period of lower highs
4. Lower lows that exhibit hesitant selling pressure
5. Points 2-5 fitting into a clear and consistent pattern
In this case we see BTCUSD holding a near perfect example of a bull flag. With that in mind we look to price action, we must change the 4 hour trend.
Until bulls break over 23076 we are in a 4 hour downtrend. Scout volume breakouts over this level with resist at 23362. Until then aggressive shorts will be waiting at trendline resistance.
1. A significant period of price discovery
2. A window of consolidation
3. An extended period of lower highs
4. Lower lows that exhibit hesitant selling pressure
5. Points 2-5 fitting into a clear and consistent pattern
In this case we see BTCUSD holding a near perfect example of a bull flag. With that in mind we look to price action, we must change the 4 hour trend.
Until bulls break over 23076 we are in a 4 hour downtrend. Scout volume breakouts over this level with resist at 23362. Until then aggressive shorts will be waiting at trendline resistance.
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