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@EliteElliott

Inside the Flag

 BTC is still trying to push through and get a candle closure above the Resistance Zone (on the Daily Time Frame). So far every attempt has failed. It should not be a surprise, because this is the most significant Zone since the peak of 14K. For a long period, this Zone has acted as Support and now it has flipped to Resistance.


On the 25th of October, BTC has witnessed one of the most powerful Pump in its history, resulting in a 42% Price appreciation. Since then the Market has cooled down a little bit and the Price action has formed a Bull-Flag. 


-On the 4hr Chart we can see that the Price is being held up by the Short Term Trend Line and right below it is the 50 EMA acting as Support.


-The top of the Flag has rejected the Price and it also lines up whit the Resistance Zone 


This has created a unique situation where the Price is being squeezed into a Triangle at a very crucial Level. Keep an eye on this because this could translate into a powerful move in the near future. 


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