Bullish flag on BTC

Feb 7, 2018

A bullish flag seams to be forming on BTC hourly. High volume on the flag pole and low volume on the flag itself is also a strong indicator of this. We may expect a break above $8400 resistance level. The graph shows one way this could happen. Namely, a bounce of $8400 resistance coupled with expected RSI overbought signal is anticipated, after which a consolidation within the range of $8000-$8400 might occur and then the flag continuation is expected above the the $8400 resistance level.

Feb 7, 2018

Note

The flag has unfolded as expected, we are now hitting $8400 resistance level and RSI is also touching the overbought level while the volume is trending downwards.

Short term bounce is now due based on the prediction and indicators.

Feb 7, 2018

Note

The price bounced of $8400 resistance level as predicted and is now consolidating in the predicted range while creating a new bullish flag pattern.

Strong hourly close below $8000 would indicate breaking of this bullish pattern, while increased upside volume will push the bullish flag over the resistance. The second bullish scenario is more likely given the indicators.

Feb 8, 2018

Trade closed: target reached

We have reached the expected strong close above $8400 resistance an by so concluded this bullish pattern.

My predictions were right, except that I have missed the time scale a bit, i.e. my break over the resistance was scheduled few hours earlier.