Bullish flag on BTC

7 feb 2018

A bullish flag seams to be forming on BTC hourly. High volume on the flag pole and low volume on the flag itself is also a strong indicator of this. We may expect a break above $8400 resistance level. The graph shows one way this could happen. Namely, a bounce of $8400 resistance coupled with expected RSI overbought signal is anticipated, after which a consolidation within the range of $8000-$8400 might occur and then the flag continuation is expected above the the $8400 resistance level.

7 feb 2018

Nota

The flag has unfolded as expected, we are now hitting $8400 resistance level and RSI is also touching the overbought level while the volume is trending downwards.

Short term bounce is now due based on the prediction and indicators.

7 feb 2018

Nota

The price bounced of $8400 resistance level as predicted and is now consolidating in the predicted range while creating a new bullish flag pattern.

Strong hourly close below $8000 would indicate breaking of this bullish pattern, while increased upside volume will push the bullish flag over the resistance. The second bullish scenario is more likely given the indicators.

8 feb 2018

Trade chiuso: obiettivo raggiunto

We have reached the expected strong close above $8400 resistance an by so concluded this bullish pattern.

My predictions were right, except that I have missed the time scale a bit, i.e. my break over the resistance was scheduled few hours earlier.