I wrote a bitcoin article regarding why there is a strong tendency for market to behave a certain way. This was few days ago and we were at the height of the third push higher to 2480. I marked the pullback level at the time like in the charts.
I believe that there is a trend and momentum for everything that revolves around us. Technical analysis captures the essence of that in the stock/bitcoin market. I understand some are skeptical about technical analysis for trading especially some hard to understand TA stuff like Elliott wave, Gann's theory and Fib numbers.
This post will be a a trade setup rather than an educational article. I try to switch it up a little. I went over how to trade a bull flag in the last article. If you are unfamiliar, you can learn about bull flags there.
We have a trade setup on the daily bitcoin chart. Take a look at the chart below.
Bitcoin flag setup:
Confirmation: Breakout above 680 to confirm.
This is my first post since I made a post on r/bitcoinmarket regarding interest in a technical blog. I want to do a bitcoin blog because I think bitcoin has a lot of potential to become the future currency of the world. More importantly, I want to bring in my technical knowledge of 6 years from the stock/futures market into bitcoin. There seem to be a lack of technical analysis and statistics in bitcoin, but a whole lot of speculation.