Bitcoin bull flags, should you be scared? See how BTC can react in this trading market.
How to decipher the madness when emotions run high is a skill that does not come easy. You must learn to set aside personal bias to a unparalleled degree if Trading is your game. Logic, reason and patience will give you the edge time and time again.
What do we have here?
Well in my eyes its Bull Flag after Bull Flag after Bull Flag. This is a very predictable set of patterns, what is not predictable is just how many times this can occur before topping out... Hmmm how do we pin point potential congestion areas on an asset that is in Uncharted Territory?
In the case of Bitcoin at the moment we are finding Major Resistance at a Fibonacci Extension Target being the 2.618. I have a feeling that this level will not be so easily overcome as the 1.618 Fib Extension.
You will note the curved Yellow Line in this photo, this is the Daily Parabolic Trend... No big deal... Bitcoin is just 6 months ahead of schedule... The Parabolic nature of this Trend could literally go sideways until June 2021 and be fully intact. (insert wide eye emoji here)
Do I think this will happen?
Not by a long shot! This Bull Run is becoming very real, at some point you almost have to throw Technical Analysis out the window and ride the coattails of the Fundamental Analysis... to the moon apparently.
If you think, you are late to the party, I can assure you that is certainly not the case. This is why Dollar Cost Averaging into your long term holds is the most proven method to build wealth. This goes not only for Cryptocurrency, mind you. If you believe in something, you invest the time to educate yourself on the matter and you Dollar Cost Average until your hearts content. You will know when it is the best time to make moves simply by experience.
No one ever crossed an ocean simply by dipping their toe in! Think about it
Killer Whale Crypto