BITCOIN ₿ Bullflag broken, recovery soon? – 29.05.2019 – BTC Technical Analysis & Targets



hello everyone and thanks for tuning back in Alessandra decrypter here I hope you doing all fine so before we start as usual I'm not a financial advisor and all the content and information in this video is my own opinion Mio market observation so let's dive you straight into the 1 hour time frame as you can see we broke out here to the downside from this potential bull flag that we were in so I didn't give up the hope right now because we just had this little dump here and if we do a fibonacci retracement let us do one here we from based on this breakout from the low here $7,900 up to up to $8,900 so as you can see we we exactly bounced here at the 0.5 fibonacci line 8400 so I opened our long position on PI bit I will do a later a video regarding this new a quite new exchange which is very similar to Big Macs but here you don't have all these lags and problems that you sometimes have on Big Mac so I'm trying out this new exchange and the funny thing is that this money that I have in it this 0.001 Bitcoin I got them for free so you can register on by bit with miry fear referral link here I will put it here in the description in this video I will also like to do a little tutorial how to do that because you just have to register and like retweet by bit and then you will get $10 directly here and you can trade with them so you cannot withdraw immediately these ten dollars but you can trade with it and what you gain with your trades you can withdraw them into your Bitcoin account so it's like money for free that you can trade and you can try it out you can like in bit mix you can trade with 10x or 100x and so on so I will do a later video regarding this buy bit exchange here but as you can see I opened here with this money a long position with an entry of eight thousand four hundred ninety because I believe that we still may be or in two player this bull flag because you know my target is somewhere between ten thousand to thirteen thousand five hundred before we have a major correction so I believe that this is still just a part of this consolidation that we were we were in so if we bounce further down here to the point six 180 Bonacci line I think this would be the maximum if we if you go lower from this point then probably we go down here to the previous resistance which is not supported 8000 but I think that from here maybe we're gonna retest here the previous support here at around eight thousand six hundred if we can break it to go back in here this will be bullish and then I think we will see although the breakout up to 9500 but if we see here weakness if the price cannot go back into the channel if you see that eight thousand six hundred is too strong resistance now I gonna close here my long position and then probably we will be in for a bigger correction but so far I think is everything a normal that we bounced here from this Fibonacci line so here in the one hour looks everything still good and if we can go back above eighty six hundred I think that we will soon see the breakout to the upside from this potential potential wolf-like although you see that one hour was oversold here stochastic and Oris I was totally oversold here when we reached 8400 so we are now start the correction to the upside again we have to see here if the one hour goes above fifty this will push us to the upside but if we get bounced here always from the fifty line then this will be bearish and then probably here we will not be able to break it the 8600 line and we will go down here so keep an eye here in the one hour what the RSI is doing in the four hour time frame although here you can see that the stochastic is over oversold but you see the RSI bounced here at fifty so we got here at 50 so this is very bullish if this bounced back up and also the one hour goes above 50 probably we will go back into the channel pretty soon in the daily although we were oversold here or a psychologist cooling off so here stochastic is neutral or aside still in the higher region of overbought so here we can still go to the 50 line here and bounce from here so we might see in the next couple of hours some attempts to break 8600 and if we are not so successful maybe the end of the day we will see the price going lower maybe here bounce from the 50 line in the daily the weekly chart you know looks the same we have to wait for the weekend to see maybe a change let's have a look here on the Long's and shorts of course now some lungs got liquidated probably have stopped out some shorts or rising but just a little bit it's nothing that makes me worry so nothing new on this and here so I think we should see the next couple of hours some attempts you to break the 8600 line if you're not able to break it and go back into the channel maybe it there we will see the start of the bigger correction here to the downside but this doesn't mean that we have to go straight down to 4k or something because also remember we have some futures gaps open down to 8200 and also here 7,200 in my opinion although this gap we still need to fill but some people say that we already filled it with this week here so in any case at least this one we still have to feel at 7200 so I still think that we have to go up to at least 9,500 maybe even up to 13,500 which is my golden target I just show you again why I believe that we should go to 13,500 is because yeah here you can see it we had this all-time high or 20000 we went back down to 3 K so this was the big correction the bear market which took a bit more than a year and now we bounce back up so it's like a ball it's like you're throwing a ball down to the ground and the bounce back up and usually this is the line that you have to watch when it bounced back up to point six one eight Fibonacci retracement so that's why my opinion we still have to go and feel this level here although where we had a lot of support and resistance as you can see here when we bounce from the 20 so I believe that as soon as we top out we also probably going to see a double top so maybe if we go up here maybe we have there a retracement or correction down to one of the fibonacci lines here like 11,000 or 9,000 try to go back up and if there we cannot break it then we will see probably a bigger much bigger correction to the downside but if we don't see this double top that means that probably we just gonna top out somewhere have the correction and then move on and maybe also break the 20k and the close future so let's see but of course this is now speculation but I still believe that 13500 this line here will be the line that we need to watch if we see a huge resistance there and maybe from this point over here a big correction maybe 50% down to 7k fill all the gaps we have down there because we're probably going to create some more new gaps on the way up so that's why we don't have to forget that we have gaps below us and the correction will come of course but you never know one and if you want to take out some profits I would wait to see at least a double top or to reach the 13,500 also now if you're going to retest the 9k this this could be a double top and from that point we could break to the downside but I still believe that 9,500 is in the cards and everything looks still bullish even if we are out of this bull flag right now this doesn't mean that we have to see the big correction right now we still can go to the upside back into the channel as Bitcoin did this in the past ready and as I told you I'm in a long position and I'm pretty confident with it and yeah let's see if we are able to go back into the channel in the next couple of hours alright guys with that set I'm gonna wrap it up I hope you in a good trait if you like the content please give it a like subscribe to the channel take the little bell and we see us all in the next one bye you

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