Bitcoin Bullish Flag | Target & Support | $10.2k or $11.3k?

5 Sep 2019

A bullish flag pattern is clearly visible on the 4H time frame for Bitcoin (XBTUSD), let's take a look at the potential target and support for this formation.

Break to the upside

• On a move to the upside, we can look at $10,800 as immediate resistance.
  
• On a strong break of this level, we can expect further growth up to $11,350 until the next move.
  

Breakdown of the flag

• On a breakdown of EMA10 and XBTUSD closing below $10,300, we can see a test of strong support around $10,100 - $10,200... Before this level can be tested, a break below EMA10 must happen, followed by a close below $10,300 as mentioned above.
  

Right now we remain bullish as long as Bitcoin remains trading above EMA10.

Additional sideways consolidation can easily happen at these levels, as well the price becoming range bound between $10,300 and $10,900.

Now, where do you think Bitcoin is headed next?

Share your charts, thoughts, and opinions on the comment section below.

Thanks a lot for reading.

Namaste.

6 Sep 2019

Catatan

Previous analysis:

Bitcoin Bounce In-Play | Can Hit $10,900 But Not There Yet!

6 Sep 2019

Catatan

Augur (REP) Bullish Signals + Targets | 180%+ Profits Possible

6 Sep 2019

Catatan

Binance Coin Potential Bounce / Reversal Zone | +15% Possible?