107.9FM NYJ/LA

Translate This Page

Why Bitcoin, Ethereum May Be Fueling Up To Skyrocket: What To Watch For

Posted by Melanie Schaffer on Wednesday, October 13, 2021 Under: Technical Analysis
© Provided by Benzinga

Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) have all settled into bullish flag patterns on the daily chart. The bull flag pattern is created with a sharp rise higher, forming the pole, which is then followed by a consolidation pattern that brings the stock or crypto lower between a channel with parallel lines or when the crypto trades sideways into a tightening range that forms a triangle. For bearish traders, the "trend is your friend" (until it's not) and the crypto may continue downwards or sideways within the following pattern for a short period of time. Bears may want to enter the trade if the crypto drops through the bottom of the consolidation pattern. Aggressive traders may decide to short the stock at the upper trendline and exit the trade at the lower trendline. Bullish traders will want to watch for a break upwards from the upper descending trendline of the flag formation, on high volume, for an entry. When a stock or crypto breaks up from a bull flag pattern, the measured move higher is equal to the length of the pole and should be added to the lowest price within the flag.

A bull flag is negated when a stock or crypto closes a trading day below the lower trendline of the flag pattern or if the flag falls more than 50% down the length of the pole.

See Also: Crypto Analyst Michaël van de Poppe Says Bitcoin Will Hit This Six-Figure Price After Blowing Past $63,000

The Bitcoin Chart: Bitcoin has a bull flag on the daily with the pole created between Oct. 4 and Oct. 6 and the flag between Thursday and Saturday. 

btc_oct._9.png© Provided by Benzinga btc_oct._9.pngThe Ethereum Chart: Ethereum has a bull flag, with the pole created between Oct. 1 and Oct. 7 and the flag between Thursday and Saturday.eth_oct._9.pngeth_oct._9.png

In : Technical Analysis 


Tags: why bitcoin  ethereum may be fueling up to skyrocket: what to watch for 


HOT 103.1 FM HOUSTON

Instagram





Invest, spend, and earn 2.05% APY*–all through your brokerage account.
Our goal at Robinhood is to democratize finance. This means delivering products that help you do more with your money and improve your life. Today, we're excited to introduce Cash Management, a new feature to give you more flexibility with your brokerage account.
JOIN THE WAITLIST
Flexible Spending
Use your Robinhood debit card anywhere Mastercard® is accepted around the world.
 
Earn 2.05% APY
Your uninvested cash is moved to banks in our program that pay you 2.05% APY*. Like all variable rates, this could go up or down over time.
 
FDIC Insurance
Your cash in the program banks is eligible for up to $1.25 million of FDIC insurance, or up to $250,000 per bank, subject to FDIC rules.
 
75,000+ ATMs
Don't pay fees at any of the 75,000+ ATMs in our network.
JOIN THE WAITLIST

See the source image



For the next two weeks, you can earn increasing levels of Stock-Back™ rewards when you shift your everyday spending to your Stash debit card.* 

Every qualifying swipe over $5 gets you closer to leveling up your Stock-Back rewards. Levels start tomorrow and reset to zero on Monday, November 18.


Follow Us

 

Flag Counter


Flag Counter

Make a free website with Yola