Bitcoin price breakout of triangle/flag formation, waiting for more confirmation

The charts doesn't look good for bears, market just recently broke out of the triangle on the 4 hour bar. More confirmation is needed, a higher high or a daily close is bullish. While I am long, I keep my technical analysis objective. We broke out of a downward trendline, while it is not bullish yet, short term downtrend in price is likely to be over. We may chop some more here before grinding higher. 

Bitcoin market update 9-02-2014; bear flag

Bitcoin prices for the last 2 days have been constrained within a bear flag. If you are not familiar with the flag formation, check out the flag guide. At this point, there is nothing to do but wait for the next breakout. As you know, bear flag is a continuation pattern, kind of like a pause in the market before continuing the trend. Target is 440 on the usd or 2800cny, the previous low.

Bitcoin update Aug, 12, 2014. Market in flag formation

Market update for bitcoin traders. We are in a bear flag formation, this is a bearish continuation pattern. To confirm this pattern, bitcoin price need to be pushed down below the low of the flag. Look at the chart. Be patient and wait for the market to decide the direction of the next move.


Bitcoin Update 7-30-2014, price inside of flag

Bitcoin update: we are stuck in a flag formation. Which way will it go?

Since we are in a short term down trend, bears have the advantage. This is a classic flag/triangle formation. Check out my flag trading article if you havn't already.  Flag is a continuation pattern of the previous trend. Price stalls while volume decrease. A breakout of the flag confirms pattern. A new low or high will set the new price direction.