With decreasing volume going into this flag, the resistance at the top of the flag looks set to be broken. I like how we will be powering through a strong MACDH divergence as well and I'm expecting a strong break now that BTC hasn't sold of much. The height of the flag pole is around 500 points which takes us up into the main resistance area above. This should come in fairly quickly taking us to around 9678, providing we get past the first minor resistance at 9270 ish.
As usual we need to see big volume on the break and I'll be scaling out of some positions as we move into more profit just to guard against fakeouts.
As usual we need to see big volume on the break and I'll be scaling out of some positions as we move into more profit just to guard against fakeouts.
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N.B. I'm adding to longs now before the break rather than after to minimise risk.
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One thing with these formations is not to get freaked out, triangles can become rectangles, descending upper trendiness can breakout, retrace then form new flat upper resistance. Flags have many types of shape and size. The key thing is we shouldn't see a break deep below the support at 8970. For me its safe to stay with longs per this play till then. If we see a major break below 8970 I'll close out most of my longs and look to re-enter again on another buy signal
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