Flag Pattern Seems on Bitcoin Price Chart

in hive-175254 •  last year 

There is flag pattern on Bitcoin Price chart. The target of this pattern is to reach 48K.

Bitcoin touched 38K yesterday and It is not certain to say Bitcoin broke up this pattern. It may be bullish trap.

Lots of investors are following this pattern coming from 28K and It may be early to say Bitcoin broke up this resistance..

Here you can see daily chart of Bitcoin. After big pump on Bitcoin price Bitcoin price touched 38K and went down.. Now, Bitcoin price is still in this flag...

When we look at the indicators on daily Bitcoin price chart, It says downtrend is coming at the end of November or at the end of December...

Here you can see uptrend of RSI Indicator and It will be broken down in a few weeks. It is overbought level in RSI Indicator and Bitcoin price should have correction...

There was negative divergence on Bitcoin price chart and Bitcoin broke up this resistance. It means, next move may be to down..

We will see...

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        ·  last year 

      Hi there @chorock

      I would love to see BTC reaching 48k this year. It's quite unlikely but still possible. However I don't think we are going to experience bullish trap at current stage. I would rather expect another consolidation period before we shoot up again higher.

      To find BTC holders who would hold through such a long bear market just to sell now ... that sounds a bit unlikely to me. Of course I may be wrong. But I would be surprissed to see any sort of heavy drop in price of BTC. Especially since anticipated and awaited bitcoin halving is just few months away.

      ps.
      I haven't been reading and commenting on Steemit for quite a while already. Quite a lot of shit has been happening lately in my life and I could not commit into being present on the platform. But now my life finally seem to be getting back to normal so I decided to be back and see who is still present here.
      And I'm glad to see that you're still around buddy.

      Enjoy your weekend,
      Cheers, Piotr

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          ·  last year 

        Good to see you here again!
        I hope your life will be better!!!

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