🔥 Bitcoin Bull-Flag About To Break: Big Move Incoming

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.

Yorum:

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.