Bitcoin Technical Analysis April 10: Nears First Big Breakout Test – Is This the Moment?
Source: TradingView
The weekly chart reveals the $BTC price practically at the end of the bear flag, at least as its bottom is concerned. If we compare the two flags now, they are both 10 weeks in. In fact, the price was already dropping out of the first bear flag at this point in time. With 3 days to go, the price in this current bear flag is looking to head in the opposite direction. Will this still be the case when the weekly candle closes this coming Sunday?
There does appear to be the possibility of one more candle in this bear flag, but if the bulls can just hold the price around this level for that Sunday close, the next candle will open on the other side of the descending trendline, giving the bulls a real boost.
The RSI in this high time frame is a more reliable guide, and it is showing that the indicator line is nicely above the downtrend line. This setup will also need to hold into the end of the day on Sunday. Look how the price rocketed each time the downtrend line was broken previously.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
About Author
