BitcoinLong
Bitcoin Potential Bull Flag w/ $35K (91%) Gain on Valid Break!
Here I have BTCUSD on the Daily Chart!
2024 has been an Exceptional Year for Bitcoin after its nearly 2 Year Monumental Recovery from the Nov. 2022 Low @ $15,512 to pushing price up past the 3 Year High of $69,000 on Nov. 10th 2021 to the now New 8 Month High @ $73,835 on Mar. 14th 2024!
Fall '21/Summer '22 - Bitcoin is in a Declining Stage
Fall '22/Summer '23 - Bitcoin is in an Accumulation Stage
Fall '23/Spring '24 - Bitcoin is in a Advancing Stage
Spring '24/Fall '24 - ( Distribution or Accumulation) ???
Fall '24/Summer '25 - ???
Currently, Bitcoin is exhibiting signs of a Potential Bull Flag with a Flagpole suggesting a potential 91.78% or $35,334.57 Gain with a Valid Bullish Break!!
We can see Bitcoin has been in a Descending Channel since the Spring of 2024 came but Price Action has made a few key movements that I'd like to point out:
- After traveling the Descending Channel from the Higher High @ $73,835.57, Price makes a False Break of the Channel that touches the Previous Level of Structures Higher High and makes a 38.2% Retracement of the Current Higher High and is immediately brought back up into the Channel.
- Price continues to stay magnetized to the 200 EMA since its entered the Channel but Price seems to be trading Above it with ease in this Consolidation Zone.
Now this current Channel or Consolidation Price has been in from this Summer '24 going into this Fall '24 can either be an Accumulation OR Distribution Stage, all based on if we get a Bullish or Bearish Break to this Channel and something tells me we are looking at a Potential Bull Flag in the Making with the potential to reach
-Bullish Bias onBTCUSD
Fundamentals:
-BTCUSD has been gaining not only Domestic but Global traction with stories like El Salvador this year making Bitcoin its Official Currency!
-Economics now accepting more transactions Crypto-wise showing honest Expansion and Integration into society
-A lot of statistics show that people believe the USD may be looking at a downfall in the coming years and Crypto, speciallyBTCUSD potentially being a savior! People are not only fleeing to Commodities and Bonds when devaluation peers its head, but Crypto seems to start being another sector to look towards!
BTCUSD on the Daily Chart!2024 has been an Exceptional Year for Bitcoin after its nearly 2 Year Monumental Recovery from the Nov. 2022 Low @ $15,512 to pushing price up past the 3 Year High of $69,000 on Nov. 10th 2021 to the now New 8 Month High @ $73,835 on Mar. 14th 2024!
Fall '21/Summer '22 - Bitcoin is in a Declining Stage
Fall '22/Summer '23 - Bitcoin is in an Accumulation Stage
Fall '23/Spring '24 - Bitcoin is in a Advancing Stage
Spring '24/Fall '24 - ( Distribution or Accumulation) ???
Fall '24/Summer '25 - ???
Currently, Bitcoin is exhibiting signs of a Potential Bull Flag with a Flagpole suggesting a potential 91.78% or $35,334.57 Gain with a Valid Bullish Break!!
We can see Bitcoin has been in a Descending Channel since the Spring of 2024 came but Price Action has made a few key movements that I'd like to point out:
- After traveling the Descending Channel from the Higher High @ $73,835.57, Price makes a False Break of the Channel that touches the Previous Level of Structures Higher High and makes a 38.2% Retracement of the Current Higher High and is immediately brought back up into the Channel.
- Price continues to stay magnetized to the 200 EMA since its entered the Channel but Price seems to be trading Above it with ease in this Consolidation Zone.
Now this current Channel or Consolidation Price has been in from this Summer '24 going into this Fall '24 can either be an Accumulation OR Distribution Stage, all based on if we get a Bullish or Bearish Break to this Channel and something tells me we are looking at a Potential Bull Flag in the Making with the potential to reach
-Bullish Bias on
BTCUSDFundamentals:
-
BTCUSD has been gaining not only Domestic but Global traction with stories like El Salvador this year making Bitcoin its Official Currency!-Economics now accepting more transactions Crypto-wise showing honest Expansion and Integration into society
-A lot of statistics show that people believe the USD may be looking at a downfall in the coming years and Crypto, specially
BTCUSD potentially being a savior! People are not only fleeing to Commodities and Bonds when devaluation peers its head, but Crypto seems to start being another sector to look towards!Note
The USD will continue to devalue if the story does not change! Just at the beginning of Sept. we see the National US Debt rises to $35 Trillion!! Now with the Feds in the Easing Cycle cutting rates, this could apply relief to the economy but the "unsustainable government spending and tax system that has not kept pace with the country's financial needs" could be the Core of the issue.
-tradingview.com/news/invezz:01c8e91b9094b:0-the-35-trillion-elephant-in-the-room-us-debt-is-sinking-america/
Now, almost exactly a month later, we see Geopolitical Conflict escalate not only with Ukraine/Russia but now with Israel/Iran and with countries clearly choosing sides after Israel's decision to push against Iran's recent attacks bombing Lebanon and Syria!
-tradingview.com/news/benzinga:6c9d7fcf8094b:0-iran-set-to-launch-ballistic-missile-attack-against-israel-report/
-tradingview.com/news/newsbtc:3fe7f1f82094b:0-will-israel-iran-conflict-push-bitcoin-further-down-analysts-discuss/
Note
Price has found Support while testing the:
-200 EMA
-Median (True) Trendline of the Descending Channel
-23.6% Fibonacci Level
If the 60k area can stay Support for Price, we could see the rally that'll bring the Bullish Break soon!
Novi_FIbonacci
Telegram - t.me/+l3fTcsZu91ZiZDkx
Telegram - t.me/+l3fTcsZu91ZiZDkx
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