BTC: Market Shows Strength Against Long Term Trend
It has been tough trying to accurately cover the cryptos are the moment which is why I haven't been posting as much: it does appear we are in a bear flag for all cryptos, but price action looks more like accumulation and it continues to look like accumulation.
The Chart:
The RSI appears to be making a long term trend on the 4 hr time frame which suggests to me that we are likely to go parabolic once again. The price objective of this falling channel as a bull flag appears to be 8725 which is above the resistance of 8600 denoted by the red rectangle, a solid consolidation above this point would mean that there is a strong chance or retesting the bottom trendline of the descending triangle. We should be looking for another area to consolidate in once more before another movement. In addition, this appears to be a double bottom, at least on the shorter time frames (which means there is a possibility of it moving to the upside with strong momentum once 8600 has been broken.)
As for the orange trendline, we cannot rule out the possibility of this being a bear flag until the orange trendline is broken or price has once again broken into 9200 region. For those with the least amount of risk tolerance 9500, however, 9500 maybe too late if this was a retest of lower price levels.
Previous Analysis:
Total Market Cap:
The Chart:
The RSI appears to be making a long term trend on the 4 hr time frame which suggests to me that we are likely to go parabolic once again. The price objective of this falling channel as a bull flag appears to be 8725 which is above the resistance of 8600 denoted by the red rectangle, a solid consolidation above this point would mean that there is a strong chance or retesting the bottom trendline of the descending triangle. We should be looking for another area to consolidate in once more before another movement. In addition, this appears to be a double bottom, at least on the shorter time frames (which means there is a possibility of it moving to the upside with strong momentum once 8600 has been broken.)
As for the orange trendline, we cannot rule out the possibility of this being a bear flag until the orange trendline is broken or price has once again broken into 9200 region. For those with the least amount of risk tolerance 9500, however, 9500 maybe too late if this was a retest of lower price levels.
Previous Analysis:
Total Market Cap:
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