BTC Forms Perfect Bull Flag - Breakout At Apex
Let’s look at 2 snapshots that I took over the past few days. The first was taken on May 24th, 2019 when I first notated the bull flag forming. When I took this screenshot, I figured we would have either a breakout to the positive or a dump within 3 to 5 days.
A dump would have occurred if the candles violated the lower limit of the ascending triangle, thus invalidating it. But as we see, the candles stayed true to the boundaries and allowed the price action to make it to the apex, hence the breakout.
The big question in everyone’s mind right now is, how long is this run going to last before we correct? Time will tell. My best guess is that we can plow forward to $9,000, and possibly even $11,500. But after that, I just don’t see the price holding up.
Of course BTC has made a complete fool of me for the entire month of May, with each tremendous surge after we all thought the correction HAD to come. As much as we think the correction has to take place, we get another surge. Seems like the animal refuses to be tamed.
We’ll keep our eyes on the action over the next few days, and see what happens when June 1st hits. Last year, we saw a dump as soon as the month of May was in the books. Will BTC and the Alts repeat last year’s action? Or will it surge ahead? Place your bets!