BTCUSD formed a bull flag, bottom line still to be tested

The weakness of bitcoin against USD is not critical yet. Despite recent drop the 50% fibo of the recent rally is still to be tested and thats the the lower channel line too. The cross formed a bull flag which gives as even better probability to profit from long positions. However one should be patient to get the most out of the pattern.

Given the high volatility of the cross, the accumulation can start in a relatively wide range starting at 9000 down to 8500. If the market breaks below 8400 it can test the 7000-7300 zone. However if the will have enough bull power the market can get as high as the 14000 lvl again with the main resistance at 11300-12000 zone