BTCUSD (Daily) – Bull flag formed, bottom line still to be tested

The weakness of bitcoin against USD is not critical yet. Despite recent drop the 50% fibo of the rally is still to be tested and that is also the lower channel line. The cross formed a bull flag which gives us even better probability to profit from long positions. However, one should be patient to get the most out of the pattern. 

Given the high volatility of the cross, the accumulation can start in a relatively wide range spanning from 9000 down to 8500. If the market breaks below 8400 it can test the 7000-7300 zone. However, if the market has enough bull power the it can get as high as the 14 000 lvl again with the main resistance at 11 300-12 000 zone.

Good luck and remember, be consistent and manage your risk

TechMan

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