Crypto Daily – In spite of plenty of FUD in the cryptocurrency market, the price of Bitcoin (BTC) is continuing to rally. A weekly stochastic RSI cross up could be confirmed next week, leading to increased momentum that can push Bitcoin to new highs.
Many are still calling this a relief rally, and are expecting Bitcoin to eventually turn back down – likely leading to the entry into Bitcoin’s next bear market.
Brandt says no bull flag
Famed trader Peter Brandt has said that while he is impressed with Bitcoin’s current price surge, a series of lower highs and lower lows are continuing to be made, despite (in his words) “the hype”.
That said, a series of lower highs and lower lows after a big price surge are commensurate with the formation of a bull flag. Brandt counters this by referring to “Edwards, Magee, Schabacker”, who say that a bull flag that extends past a couple of months should be disregarded as such.
The above weekly chart allows…
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