Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
STT
on 25/05/2017, 21:50:57 UTC
I think we may be in the process of forming a much larger flag around $2500 on the 12h charts. The market needs a consolidation point badly right now. If it does, then bullish.

Not 12h bars but if I go by 30m bars since this sell off then I see an ascending triangle with 2470 as the resistance.  It fitting price action quite well thats no surprise its significant.   However Im less certain of the ascending line I drew with only 3 points, so we'll have to see on that one.   Of course patterns can fail but its allegedly a bullish formation

Quote
most telling part of this pattern is the ascending support line


If I use 12h bar I just see the possibility for an intact uptrend and really thats very positive if we can continue from that still.   I drew that ages ago but still seems reasonable not wishful thinking etc, I always imagine China and 'overnight' action must play a big part and could be of a different mind