The bullish flag pattern we talked about last time did not work out as expected. Bitcoin price has tried to break upwards but pulled back towards the 38% Fibonacci retracement support of the latest rise. As long as we are above the 61.8% Fibonacci level I remain optimistic for a new cycle high above 10k.
The pull back so far has reached the 61.8% Fibonacci retracement. This is the last stand for bulls. Price should start moving higher and eventually break above 0.95$. Target 1.10-1.40$.
The bullish flag as expected has broken upwards but price did not reach the target. Price however remains above the consolidation range of the bullish flag and is back testing this support area. So far so good with higher highs and higher lows. Trend is bullish.
Typical back test of the broken trend line resistance that is now support. Price should start its next leg higher now in order to consider this a successful back test. Key support for bulls is the upward sloping green trend line at 120$. Break it and we go for new 2018 lows.