BULLISH FLAG
This is called a bullish flag in technical analysis. When the price experiences weak selling after strong buying and the price action creates a flag in the chart just like above. Most of the time, price will eventually break out of the flag in an upward direction which will result in another strong move upward to new highs.
I'M GOING TO WAIT
Having said that, most traders will not get on board until the price actually breaks out and comes back down and retests the flag from the other side. That's when most traders will get in. Right now though, the price has not yet broken out and may bounce off the flag and eventually lead to another low. It could even break out of the flag in a downward movement and turn bearish. The wisest thing to do now is to wait and see what happens in my opinion.
STEEM LOOKS NO DIFFERENT
Looking at STEEM, we have quite a similar price action going on. Unlike bitcoin however, STEEM appears to have bounced off the flag today. It's going to be very interesting to see how things go in the next few days. Are we going to break out to the upside? Or are we going to continue to bounce from here? I think both Bitcoin and STEEM are going to bounce and dip from here but nobody really knows and this is all speculation. I'm not exempt either and I could be wrong so please do not trade based on what I say or think. Do your own research and thinking and be aware that trading anything, especially cryptocurrencies is very risky!
MR. OPINIONATED!
Please be advised that trading cryptocurrencies comes with a high risk and any opinions, research or other information contained in my posts is provided as a general market commentary and opinion only, and does not in any shape or form constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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