🔥 Bitcoin Bull-Flag About To Break: Big Move Incoming
Updated
Recently I made an analysis on Bitcoin and the triangle it was trading in. After hitting the first target, BTC met with strong selling power, which caused the price to consolidate between 21k and 22k.
As seen on the chart, this period of consolidation has formed a triangle pattern. Classically, these patterns in the middle of a strong trend are classified as bull-flags, which should theoretically break bullish.
With BTC being as oversold as it is, I'd argue that there's a high probability for BTC to break bullish. Wait for the price to break out of the triangle before entering a trade.
I'm keeping the short-term targets close around recent tops. Longer-term target is still at
23K as per my prior analysis.
As seen on the chart, this period of consolidation has formed a triangle pattern. Classically, these patterns in the middle of a strong trend are classified as bull-flags, which should theoretically break bullish.
With BTC being as oversold as it is, I'd argue that there's a high probability for BTC to break bullish. Wait for the price to break out of the triangle before entering a trade.
I'm keeping the short-term targets close around recent tops. Longer-term target is still at
23K as per my prior analysis.Note
Called the break out too soon. BTC was rejected by a different resistance at 22.k which was likely to cause more downside than initially anticipated.
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