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Bitcoin forming bullish flag
BTCUSD is forming a bullish flag formation.
Watch for a break of the upper descending trendline.
Upside potential after the break is $6600 to $6800.
Other cryptocurrencies like ETHUSD have been selling off hard.
My sense is that we are getting near a bottom for cryptocurrencies in general. Whether this is a longer-term bottom is not clear yet.
A rally is likely in the second half of September.
Watch for a break of the upper descending trendline.
Upside potential after the break is $6600 to $6800.
Other cryptocurrencies like ETHUSD have been selling off hard.
My sense is that we are getting near a bottom for cryptocurrencies in general. Whether this is a longer-term bottom is not clear yet.
A rally is likely in the second half of September.
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