What up guys!
Let's get straight into it:
We see a clearly bearish flag on the 4-hourly-BTC-chart that formed the last weeks (orange).
Normally we would expect a correction after a bear flag, however a bullish pennant started forming in that bear flag,
which is in fact a pretty bullish sign. Also by looking at the MACD, which is about to cross, we see another bullish sign in the short-term.
Though seeing a short-term uptrend, there are a lot of resistance levels to stop the optimism (red zone).
By looking a the upward opportunities for BTC we also should look at the 50-MA as a strong support line in case of a move downwards.
If the bullish pennant breaks, a short term correction to the 50-MA and even lower to 8070$ (green line of FIB) is highly possible.
As always, just invest what your willing to lose.
Peace out!
Monsi
Let's get straight into it:
We see a clearly bearish flag on the 4-hourly-BTC-chart that formed the last weeks (orange).
Normally we would expect a correction after a bear flag, however a bullish pennant started forming in that bear flag,
which is in fact a pretty bullish sign. Also by looking at the MACD, which is about to cross, we see another bullish sign in the short-term.
Though seeing a short-term uptrend, there are a lot of resistance levels to stop the optimism (red zone).
By looking a the upward opportunities for BTC we also should look at the 50-MA as a strong support line in case of a move downwards.
If the bullish pennant breaks, a short term correction to the 50-MA and even lower to 8070$ (green line of FIB) is highly possible.
As always, just invest what your willing to lose.
Peace out!
Monsi