Even though I am bearish on Bitcoin, I cannot ignore the potential bull flag that is developing. But price must first drop down to that 8000-8200 area and bottom out. If price crashes through, that would change the bull flag scenario. Nonetheless the 8000-8200 area is very important to watch.
I think price has completed or nearly completed a minor correction to this 8580 high and should be on the way down. A break upwards to 8700 for any reason will change the sentiment. The overall sentiment is still bearish because copy pasted from before is below.
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price is still rejected at the 38.2 retracement from the 11700 fall (has been rejected)
4. 4H MACD looking weak and looks like it is gonna turn down (has turned down)
5. Daily MACD crossed up but having a sharp upmove on histogram price was unable to break the resistances ( EMA and Fib)
6. We have been trending up for the past 5 days but in the same period volume has died down
I think price has completed or nearly completed a minor correction to this 8580 high and should be on the way down. A break upwards to 8700 for any reason will change the sentiment. The overall sentiment is still bearish because copy pasted from before is below.
1. Price is under 200EMA on 4H
2. Price is under 200EMA on Daily
3. Price is still rejected at the 38.2 retracement from the 11700 fall (has been rejected)
4. 4H MACD looking weak and looks like it is gonna turn down (has turned down)
5. Daily MACD crossed up but having a sharp upmove on histogram price was unable to break the resistances ( EMA and Fib)
6. We have been trending up for the past 5 days but in the same period volume has died down
Here we are in the zone of interest, waiting to see if there will be any reversal signs. So far none yet, price still trying to find a bottom. If this crashes through 8000 towards 7800, I will assume the bull flag is invalidated.