Bitcoin Bull-Flag: Preparing For Dump

25 Jul

In my most recent BTC analysis I talked about Bitcoin likely trading inside a bull-flag pattern. Before calling for a definitive bullish market I wrote that I was waiting for:

1 A break out through the top resistance of the channel.
2 A new All-Time High.

As seen on the chart, Bitcoin is seemingly reversing from the top resistance. I want to be prepared in case the bearish trend persists.

My ideal buying area would be somewhere between the yellow bottom support and the purple support.

Note: this is not a call for a dump. I'm explaining where I expect BTC to reverse from. This is an entry for well-prepared and patient bulls.

Keep in mind that there's still the possibility for BTC to break through the top of the bull-flag (1). This would invalidate our entry from the green area.

Interested to hear your view on BTC over the next 1-2 weeks!