BTCUSD Daily flag pattern
A little BTCUSD analysis on the Daily chart to get my head around the probability of where the price may head..
I like the chance of a reversal to the up side, it might only go as far as the demand areas between 50% - 61% (8500-10000)
Perhaps after several breakouts to the upside price might even reach up to the 78% (10800) area where it meets the descending line of the flag.
However strong resistance areas may reject it and the bearish continuation might see a drop to the 23% (5000-5500) area where the long term ascending flag line meets.
This flag formation could continue if these lines hold up for the following 18 months or so.
Anything can happen in our cosmos, Bitcoin is no exception.. at least the chance of spotting a trend reversal can be made easy with the help of a little analysis, good planning, and some patience.
As always trade safe, comments and likes are much appreciated.
Peace!
I like the chance of a reversal to the up side, it might only go as far as the demand areas between 50% - 61% (8500-10000)
Perhaps after several breakouts to the upside price might even reach up to the 78% (10800) area where it meets the descending line of the flag.
However strong resistance areas may reject it and the bearish continuation might see a drop to the 23% (5000-5500) area where the long term ascending flag line meets.
This flag formation could continue if these lines hold up for the following 18 months or so.
Anything can happen in our cosmos, Bitcoin is no exception.. at least the chance of spotting a trend reversal can be made easy with the help of a little analysis, good planning, and some patience.
As always trade safe, comments and likes are much appreciated.
Peace!
Penafian
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