Don't think I'm the first to say it, but Bitcoin is starting to look top-heavy on smaller time-frames again. On the 4hr, price has been rejected by the resistance trend-line of the current bull flag structure. While price remains bullish long-term, a return to re-test the mid-level around $17.9K, or the support trend-line around $17K is far from out the question.
On the 1hr, we have been nicely trading upwards in a bull flag pattern that targeted a breakout of the larger bull flag. Unfortunately, we now appear to be breaking down from it.
On the 1hr, we have been nicely trading upwards in a bull flag pattern that targeted a breakout of the larger bull flag. Unfortunately, we now appear to be breaking down from it.
Quick update for the day on the 1hr, price broke down from the short-term bull-flag as anticipated. Price is finding some buyers at the local VPVR point of control, but otherwise has now closed below the mid-level of the bull channel signalling short-term weakness. Next level of support is in the $17K range; the 200 MA, 0.786 fib retracement and support trend-line: