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Bitcoin appears to be Flagging by jrcornel

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bitcoin · @jrcornel · (edited)
$17.82
Bitcoin appears to be Flagging
# Bitcoin could be gearing up for another power surge.

After surging significantly on Feb. 8th, bitcoin has mostly been going sideways.

Well, sideways with a slightly downward bias.

On the charts, this appears to be creating a bullish flag pattern.

If we look at a 3 day chart we can see that bitcoin could be setting up for another surge higher based on this pattern, though we need to see prices break about $3,700 for confirmation:

https://i.postimg.cc/sXzVjWqB/download-7-2.png

(Source: https://www.coindesk.com/bitcoins-sideways-drift-has-shifted-price-recovery-target-to-3-7k)

A flag pattern is basically where you have a big move up, creating the flag pole, followed by slightly lower trending price action over the following couple of days.

It is confirmed once prices surge above the top of the flag pole, which in this case would be about $3,700.

# If we zoom in a bit, things look even more encouraging.

If we look at a 4 hour chart of the same price action, things look even better.

We have the same potential flag pattern, followed by mostly sideways to down price action.

However, we are starting to break the downtrend line of that flag, often known as a falling wedge, to the upside:

https://i.postimg.cc/0y6mDgQY/download-6-2.png

(Source: https://www.coindesk.com/bitcoins-sideways-drift-has-shifted-price-recovery-target-to-3-7k)

Often when we break a falling wedge to the upside like we did here, we end up also taking out the top of the flag pole, which would be around $3,700.

If that were to happen here we would be good to go for a move roughly the same length as the flag pole.

Which would take us to about $3,900/$4,000.

My gut says we go for it within the next couple days.

Stay informed my friends.

Follow me: @jrcornel
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vote details (313)
@corndog54 · 
To the Moon Alice!
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vote details (1)
@cryptictruth · 
I’m ready for a solid bull run 

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
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@jrcornel ·
$1.00
I don't think we see a big run for a while still, but I could see a nice mini surge soon here.
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@cryptictruth · 
I need to sell and lower my cost basis so a small pump works too. 

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
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@edicted · (edited)
A mini-surge in crypto is the equivalent of a OMFG moment on the stock market.
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vote details (1)
@edicted · (edited)
It looks like Ethereum has broken the resistance line today formed by the local peaks at November 5 and Jan 4.  Seems like an extremely bullish signal.

I'm willing to bet that mid December was the end of the bear market.   Get ready for three more years of uphill action folks.
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vote details (1)
@jrcornel ·
$1.27
Yea I was with you on that call as well. Usually when everyone wants the market to do something, it never ends up happening, and it seemed like everyone was calling for a plunge below $3k.
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vote details (6)
@mtl1979 · (edited)
$0.03
ETH-BTC has been so low that I have been converting almost all of my BTC to ETH in anticipation of it eventually going back up to 0.09 BTC.
👍  
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@jrcornel ·
$1.20
Yea ether likely represents somewhat of a leveraged bet on bitcoin turning around. If bitcoin turns, ether likely goes up even more.
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vote details (7)
@mrme1984 ·
$0.08
I hope this is the way this time
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vote details (5)
@garudi · (edited)
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@lyndsayblowes · 
# @garudi is a whack job cunt who has spent a few too many days off her meds.  @garudi it's time to take a trip back to the hospital where you belong, they'll take good care of you there and make sure you don't harm yourself.  Crazy cunt needs some meds!!!
👎  
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@jrcornel · (edited)
$1.10
If this pattern plays out favorably, we probably test $4k within the next few days.
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@mtl1979 · 
My guts still say we're heading to 4400 USD. Short-term average is now a lot lower than long-term average which means the recent corrections were not enough and we will see more drastic change.
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@jrcornel ·
$1.13
I am not sure if we get there on this surge or not, however I do think within this year we eventually challenge that $6k number.
👍  , , , , , , , , ,
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@mtl1979 · 
It's already above 3900 USD, so getting to 4400 USD isn't so unlikely... Everything I see suggests the climb continues...
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@newageinv · 
Off to the races!  A couple of Moving Averages already in sights.  Will be interesting to see if it holds with volumes past the holiday weekend (in the US)!

Posted using [Partiko iOS](https://steemit.com/@partiko-ios)
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@jrcornel ·
$1.11
Yep! Nice when things work out how we want!
👍  , , , , , , , ,
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