Bullish Flag Breakout or Short-Term Downward Reversal?
As we see in the daily chart, a bullish flag has been formed. The flag results from a period of consolidation after vertical rise, suggesting that the bullish pressure might continue in the short-term.
After flag's breakout, the market usually replicates the length from the first leg. This upward movement would lead the price up to first target at 15.400 and second possible target regarding fibonacci extension at 19.300.
However, the bitcoin price at the moment is in a turning point. After reaching the upper bound of the bullish flag, it has left many indecision candlesticks, which might suggest a retracement , which would be a breather before running off again in the same direction.
Levels to watch for:
Support 1: 11200 (Weak)
Support 2: 10750 (Pivot Point)
Support 3: 9400 (Strong)
Support 4: 8700 (Strong)
Resistence 1: 12000 (weak)
Resistence 2: 12960 (strong)
Resistence 3: 13045(strong)
Resistence 4: 13845 (strong)
***This report does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security, cryptocurrency or any other product or service by Transfero Swiss or any other third party regardless of whether such security, cryptocurrency, product or service is referenced in this report. Furthermore, nothing in this report is intended to provide investment advice and nothing in this report should be construed as a recommendation to buy, sell, or hold any investment, security or cryptocurrency or to engage in any investment strategy or transaction. Transfero Swiss does not represent that the cryptocurrencies discussed in this report are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security, cryptocurrency or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation***
After flag's breakout, the market usually replicates the length from the first leg. This upward movement would lead the price up to first target at 15.400 and second possible target regarding fibonacci extension at 19.300.
However, the bitcoin price at the moment is in a turning point. After reaching the upper bound of the bullish flag, it has left many indecision candlesticks, which might suggest a retracement , which would be a breather before running off again in the same direction.
Levels to watch for:
Support 1: 11200 (Weak)
Support 2: 10750 (Pivot Point)
Support 3: 9400 (Strong)
Support 4: 8700 (Strong)
Resistence 1: 12000 (weak)
Resistence 2: 12960 (strong)
Resistence 3: 13045(strong)
Resistence 4: 13845 (strong)
***This report does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security, cryptocurrency or any other product or service by Transfero Swiss or any other third party regardless of whether such security, cryptocurrency, product or service is referenced in this report. Furthermore, nothing in this report is intended to provide investment advice and nothing in this report should be construed as a recommendation to buy, sell, or hold any investment, security or cryptocurrency or to engage in any investment strategy or transaction. Transfero Swiss does not represent that the cryptocurrencies discussed in this report are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security, cryptocurrency or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation***
Comment:
* indecision candlesticks in the hourly chart