top of page

Bitcoin May Be Forming A High Tight Flag

Writer's picture: TLivingstonBlogTLivingstonBlog

Bitcoin has been on a spectacular run over the past three months and is showing the possibility that it is not finished yet. I bought Bitcoin and GBTC throughout 2020 (blog post here) and exited my position at multiple levels, concluding at around $29,000. After monitoring Bitcoin over the past few weeks, there are a few things that have caught my eye.

First, it's just remarkable to see such as large move digested so well. After exploding from around $20,000 to $42,000 in about a month, Bitcoin has found support at around $30,000 and continues to hold above its's 20-day moving average. This is just incredible as it indicates Bitcoin holders are not interested in selling just yet. It is very possible that Bitcoin may be forming a high tight flag here. If Bitcoin can continue to hold up in a tight and orderly fashion over the next few weeks and clears its prior high with conviction, it can easily rocket to $75,000 in my opinion. High tight flag patterns are explosive patterns and if played properly can yield enormous gains rather quickly. With an emphasis on risk management and position sizing in mind, Bitcoin is worth keeping an eye on to see if it can complete its' high tight flag pattern.


If you are interested in using Coinbase to purchase Bitcoin and would like to receive a $10 sign up bonus, use this link.


Full Disclosure: I currently own Bitcoin and GBTC.


Full Disclosure: This post contains an affiliate link to Coinbase.

Disclaimer: This information is issued solely for informational and educational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. None of the information contained in this post constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. From time to time, the content creator or its affiliates may hold positions or other interests in securities mentioned in this blog or the associated Twitter and Instagram feeds. The stock or stocks presented are not to be considered a recommendation to buy any stock or stocks. This material does not take into account your particular investment objectives. Investors should consult their own financial or investment adviser before trading or acting upon any information provided. Past performance is not indicative of future results.

Comments


Commenting has been turned off.

Statement on Accessibility

We are working to make this website easier to access for people with disabilities, and will follow the Web Content Accessibility Guidelines 2.0. ​ If you need assistance with a particular page or document on our current site, please contact tlivingstonblog@gmail.com to request assistance.

Join My Mailing List

Hypothetical Performance Disclosure: Hypothetical performance results have many inherent limitations, some of which are described below. No representation is being made that any account will or is likely to achieve profits or losses similar to those shown; in fact, there are frequently sharp differences between hypothetical performance results and the actual results subsequently achieved by any particular trading program. One of the limitations of hypothetical performance results is that they are generally prepared with the benefit of hindsight. In addition, hypothetical trading does not involve financial risk, and no hypothetical trading record can completely account for the impact of financial risk of actual trading. for example, the ability to withstand losses or to adhere to a particular trading program in spite of trading losses are material points which can also adversely affect actual trading results. There are numerous other factors related to the markets in general or to the implementation of any specific trading program which cannot be fully accounted for in the preparation of hypothetical performance results and all which can adversely affect trading results.

Risk Disclosure: Futures and forex trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing ones’ financial security or life style. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results.

Crypto CFTC advisories

bottom of page