The mentality of many crypto traders is to disrespect anyone with a bullish bias. I think that we are in transition phase from bearish to bullish. IMO. The market is about to punish the bears, hard!
On the 4H chart we can see the Flagpole. The flagpole formed between June 18th – 23rd. A 20% price increase within that time period.
Since June 23rd price is consolidating in a channel, the flag. The maximum drawdown in Bitcoin’s price in this consolidation was 5%. Meaning that demand is strong, and traders are impatient.
It is possible that Bitcoin is breaking out right now (yellow highlight). To confirm this breakout, we need volume to pick up and to break above 31.5K.
The breakout target is 36,345. However, that does not mean that the uptrend will stop there. My minimum target is 39K.
NFA
What do you think? Please share in the comments.
Best Wishes
On the 4H chart we can see the Flagpole. The flagpole formed between June 18th – 23rd. A 20% price increase within that time period.
Since June 23rd price is consolidating in a channel, the flag. The maximum drawdown in Bitcoin’s price in this consolidation was 5%. Meaning that demand is strong, and traders are impatient.
It is possible that Bitcoin is breaking out right now (yellow highlight). To confirm this breakout, we need volume to pick up and to break above 31.5K.
The breakout target is 36,345. However, that does not mean that the uptrend will stop there. My minimum target is 39K.
NFA
What do you think? Please share in the comments.
Best Wishes
