Summary:
Bitcoin price action has been indicating mixed signals with bullish and bearish patterns lately. In my yesterday's post (click here), i marked out a bearish flag because of the higher high being made with lower volume and indicated that it could go as high as 10k level to complete the pattern formation. Since then the price has been inside the flag zone and volume has been getting lower on each swing high. This shows the strength of bears on BTC.
This is causing a little concern over the bulls control on the Inverted H&S pattern and Fractal analysis. Unless we see volume increase on the next higher high, and break through the 10k resistance level this bear flag will come into play and retest of 6k is more or less confirmed. I am now forced to consider both the scenarios because of these indecisive indications.
Bullish Scenario::
Trend line support should hold at this level, price must make bigger higher high breaking the 10k and 11500 resistance level with huge volume.
Bearish Scenario::
I am going to mark out the targets for the bear flag just to keep it in mind while looking out to see if bulls can hold this rally up and make new highs with huge volume. But this flag is getting stronger as volume is lower and MACD is about to cross to the down side.I would consider this flag in play the moment we break the 8400ish support zone and trend line.
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Disclaimer:
I am not a financial advisor, nor the information posted in this article is a financial advice. The information in this article is my personal opinion and is not recommended to make any investment transactions based on it. I do not take any responsibility for the investments made based on my analysis.
