BTC Possible 4hr Bull Flag Formation?
4hr Chart Observations :
Immediate resistance $4841.44
Immediate support $4618
Possible bull flag formation, if $4841.44 is breached.
Profit taken target at 5.0k to 5.5k
Keep eye on exponentials to act as possible support.
Analisys:
Seems as if the 4hr chart is forming a bull flag, price is currently trading between the dotted lines close to the high of the day possibly opening the door for another leg up.
Volume is declining while still holding the majority of the gains from the move seen yesterday as RSI starts to cool off.
Per technical analysis you want to see a decline in volume as the flag forms and support is found, before the next leg up.
Possible plays:
1. Wait for the 1hr exponentials to be lost, zoom out to the 4hr and wait till the price meets the 4hr exponentials, keeping an eye for possible 15min RSI oversold levels to mark a possible entry
(green box in my opinion)
2. Wait for a break of $4841.44 to enter a position with a profit target between 5k & 5.5k
Sentiment:
Long term : Bullish
Short term: Neutral
Disclosure:
I am in no way shape of form qualified to give any financial advise, this are simply my ideas and my personal observations. I believe that the best way to learn is to put your thoughts out there and hopefully learn from those that have been doing this for a long time, having said that please feel free and call me out in any mistakes, or things that I am overlooking.. Constructive criticism is very much welcomed, no better way than learning as a community.
Immediate resistance $4841.44
Immediate support $4618
Possible bull flag formation, if $4841.44 is breached.
Profit taken target at 5.0k to 5.5k
Keep eye on exponentials to act as possible support.
Analisys:
Seems as if the 4hr chart is forming a bull flag, price is currently trading between the dotted lines close to the high of the day possibly opening the door for another leg up.
Volume is declining while still holding the majority of the gains from the move seen yesterday as RSI starts to cool off.
Per technical analysis you want to see a decline in volume as the flag forms and support is found, before the next leg up.
Possible plays:
1. Wait for the 1hr exponentials to be lost, zoom out to the 4hr and wait till the price meets the 4hr exponentials, keeping an eye for possible 15min RSI oversold levels to mark a possible entry
(green box in my opinion)
2. Wait for a break of $4841.44 to enter a position with a profit target between 5k & 5.5k
Sentiment:
Long term : Bullish
Short term: Neutral
Disclosure:
I am in no way shape of form qualified to give any financial advise, this are simply my ideas and my personal observations. I believe that the best way to learn is to put your thoughts out there and hopefully learn from those that have been doing this for a long time, having said that please feel free and call me out in any mistakes, or things that I am overlooking.. Constructive criticism is very much welcomed, no better way than learning as a community.
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