Bitcoin is flagging before making another move higher
I think bitcoin is simply flagging before making its next leg higher.
The flag looks like this btw:
(source: ~~~ embed:1325076180798681089/photo/2) twitter metadata:d2djbGVtZW50ZTJ8fGh0dHBzOi8vdHdpdHRlci5jb20vd2djbGVtZW50ZTIvc3RhdHVzLzEzMjUwNzYxODA3OTg2ODEwODkvcGhvdG8vMil8 ~~~
Looks pretty textbook to me.
We have a well defined flag pole, followed by a well defined and controlled pullback, and you can't see it here but it's also on lower volume which is another textbook indicator.
This is a bullish continuation pattern.
Once the price breaks out of the downtrend it tends to rally the length of the flag pole.
In this case that would take the price to about $17.5k once it breaks out of this downtrend.
My guess is that it happens next week or the following week.
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I have the feeling that this not over. I just wonder whether until the next leg up for BTC, we will see some more money flowing into alts.
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@jondoe, Like a Sprinter who kneel downs before the Sprint. 🙂
Have a pleasant time ahead and stay blessed.