Bitcoin Update 7-30-2014, price inside of flag

Bitcoin update: we are stuck in a flag formation. Which way will it go?

Since we are in a short term down trend, bears have the advantage. This is a classic flag/triangle formation. Check out my flag trading article if you havn't already.  Flag is a continuation pattern of the previous trend. Price stalls while volume decrease. A breakout of the flag confirms pattern. A new low or high will set the new price direction.