We have a good amount of divergence showing on the hourly, a nice dip on stochastics with our red ribbon support being hit for the 2nd time now.
I see a short term rise to 9300 then down we go to 8700 near the 200 MA orange line I use. That is our next support zone which would be floor 2 and wave 2 on the smaller timeframe off the impulse.
It this is a flag consolidation for a buy we can def. see some continuation from this impulsive move.
In the short term we can still consildate and get both setups for a buy and a sell. This is a nice flag setting up but it can easily turn into some hourly W or M or head shoulder formation making that previous red ribbon support the left shoulder of an inv. head n shoulder formation. We wont know until it forms but thats why we speculate our situation. I don't think we are ready for another impulse without one more wave down.
a break of the flag with another bullish consolidation will help support a continuation if we find support around that 127% fib zone.
I can see decent support around 8400 - 8700 and thats a good spot to eye our bitcoin prices. The more we enter the pinch zone of this flag we will get more confirmation for a drip farther down or another buy run back to 10k for a re-test.
As always traders. Stay safe manage risk. Think outside the box! Long ways to go for btc so no rush here.
I see a short term rise to 9300 then down we go to 8700 near the 200 MA orange line I use. That is our next support zone which would be floor 2 and wave 2 on the smaller timeframe off the impulse.
It this is a flag consolidation for a buy we can def. see some continuation from this impulsive move.
In the short term we can still consildate and get both setups for a buy and a sell. This is a nice flag setting up but it can easily turn into some hourly W or M or head shoulder formation making that previous red ribbon support the left shoulder of an inv. head n shoulder formation. We wont know until it forms but thats why we speculate our situation. I don't think we are ready for another impulse without one more wave down.
a break of the flag with another bullish consolidation will help support a continuation if we find support around that 127% fib zone.
I can see decent support around 8400 - 8700 and thats a good spot to eye our bitcoin prices. The more we enter the pinch zone of this flag we will get more confirmation for a drip farther down or another buy run back to 10k for a re-test.
As always traders. Stay safe manage risk. Think outside the box! Long ways to go for btc so no rush here.
