ðĨ Bitcoin Bear Flag Bull's Success: Break Out Soon?
A while ago I made an analysis where I warned for a move back towards the lower supports of the bear flag. BTC bounced exactly where I anticipated it to bounce, which is great news for the bulls.
With the FOMC meeting looming, it was time to re-asses our positions and prepare for a move in both directions. A bearish reaction would bring the price back to the lower bounds of the bear flag, a bullish reaction would bring us to the upper bound.
As seen on the charts, the reaction to the FED's interest rate decision has been extremely bullish. This pivot in sentiment might actually be the starting sign for a bullish correctional wave after 8 months of selling.
Ideally, BTC breaks out through the top blue resistance of the bear flag, retests it as support and continues the uptrend. With market conditions still being relatively poor, I'd like to keep the targets close at recent lows.
Be patient and wait for the break-out and retest before considering entering a position.
With the FOMC meeting looming, it was time to re-asses our positions and prepare for a move in both directions. A bearish reaction would bring the price back to the lower bounds of the bear flag, a bullish reaction would bring us to the upper bound.
As seen on the charts, the reaction to the FED's interest rate decision has been extremely bullish. This pivot in sentiment might actually be the starting sign for a bullish correctional wave after 8 months of selling.
Ideally, BTC breaks out through the top blue resistance of the bear flag, retests it as support and continues the uptrend. With market conditions still being relatively poor, I'd like to keep the targets close at recent lows.
Be patient and wait for the break-out and retest before considering entering a position.
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