mologna

BCN - Don't buy more just yet (and why I hate flags)

COINBASE:BTCUSD   Bitcoin / Dolar
All,

BTC             is of course gathering a lot of attention. Looking at the chart you can see a nice pretty "bull flag" forming - almost textbook. This times nicely with the overall market as FUD grows about Futures launch today and next week. It's a pretty logical consolidation time as weak hands drop coins and strong hands pick them up (my suspicion, at least).

If you are looking at opening a position on BTC             , I would wait until we see some sort of move out of this downward channel . A more aggressive trader / holder can enter as soon as we get a confirming 1h/ 2h candle out of the upper trend-line, and a more conservative trader / holder can enter as soon as we break the flag and get a new ATH             .

I hate flags on chart analysis because all they really are is a short-term bear channel , and so many people will tell you to buy the flag. It's horrible advice. The short-term channel could easily continue on, breaking the pattern and losing you thousands. This is why you should ALWAYS wait for a confirming signal before entering a new position.
Komen: Bitcoin broke out of that downward channel and is now forming a second, smaller bull flag. If it breaks this bullflag and also breaks its ATH consider that your buy signal if you're a conservative investor. Aggressive investors should have already entered their positions.
Komen: So if you caught that nice ride and you're swing trading, be looking for an exit again. The volume and RSI decreasing here is concerning.

I would expect at least one more drop to anywhere between $1400-1600 before a reversal will happen (if it happens).
Heres my take, big money has their positions ready to dump once futures launches, and then mass shorting will start with a lot of money.
Balas
mologna BugattiBoy7
@BugattiBoy7, It's a lot easier for them to make money by continuing to pump. I actually think prices may very well go up on Monday. But I don't like playing guessing games. Wait for a confirming move, one way or another.

If they planned on dumping Monday you'd see them continuing to pump today.
Balas
MS Bahasa Melayu
EN English
EN English (UK)
EN English (IN)
DE Deutsch
FR Français
ES Español
IT Italiano
PL Polski
SV Svenska
TR Türkçe
RU Русский
PT Português
ID Bahasa Indonesia
TH ภาษาไทย
VI Tiếng Việt
JA 日本語
KO 한국어
ZH 简体中文
ZH 繁體中文
AR العربية
HE עברית
Laman Utama Pengimbas Saham Pengimbas Forex Pengimbas Crypto Kalendar Ekonomi Bagaimana ia berfungsi Ciri-ciri Carta Peraturan Rumah Moderator Laman web dan Penyelesaian Broker Widget Perpustakaan Carta Stok Permintaan Ciri Blog & Berita Soalan Lazim Bantuan & Wiki Twitter
Profil Pengesetan Profil Akaun dan Bil Tiket Sokongan Saya Hubungi Sokongan Idea-idea yang diterbitkan Pengikut Mengikuti Mesej Peribadi Perbualan Log Keluar