Zoom out: Bull Flag Pattern Points to Potential Upside Target
Technical Overview
The
BTCUSD weekly chart suggests a bullish setup, with a Bullish Flag pattern and Descending Broadening Triangle playing out. Current price action shows BTC retesting previous resistance as new support around $67,000.
Support and Resistance:
- Support: The zone at $67,000 serves as immediate support within the flag pattern.
- Resistance: Key resistance lies at Bullish Target 1 ($77,750), which aligns with the 0.786 Fibonacci level.
Outlook:
- Bullish: If BTC holds above $67,000 and breaks through $77,750, a rally towards Bullish Target 2 at $88,000 is plausible, with a long-term target of $112,993.
- Bearish: A breakdown below $67,000 may lead to a retracement toward $60,000 or lower.
Conclusion:
The weekly setup remains bullish if BTC can defend $67,000, with $77,750 and $88,000 as primary upside targets. A decisive breakout could confirm continuation to higher targets.
The
BTCUSD weekly chart suggests a bullish setup, with a Bullish Flag pattern and Descending Broadening Triangle playing out. Current price action shows BTC retesting previous resistance as new support around $67,000.Support and Resistance:
- Support: The zone at $67,000 serves as immediate support within the flag pattern.
- Resistance: Key resistance lies at Bullish Target 1 ($77,750), which aligns with the 0.786 Fibonacci level.
Outlook:
- Bullish: If BTC holds above $67,000 and breaks through $77,750, a rally towards Bullish Target 2 at $88,000 is plausible, with a long-term target of $112,993.
- Bearish: A breakdown below $67,000 may lead to a retracement toward $60,000 or lower.
Conclusion:
The weekly setup remains bullish if BTC can defend $67,000, with $77,750 and $88,000 as primary upside targets. A decisive breakout could confirm continuation to higher targets.
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