Bitcoin Bull Flag Suggests Price Will Explode Beyond $70,000

2021-3-30 10:10

A classic technical indicator suggests that Bitcoin, the world’s leading cryptocurrency by market cap, would become more valuable than it already is.

$70,000 Next?

Dubbed as Bull Flag, the chart pattern forms when an asset consolidates downwards for a brief period after undergoing a massive price surge. It looks like a downside-sloping channel, denoted by two parallel trendlines, in which the price fluctuates. During this period of consolidation, the volume declines.

Bitcoin is forming or at least hinting to form a similar downside channel.

The cryptocurrency checks almost all the requirements that suggest it is in a bull flag pattern. First, its preceding trend is upward. Second, it is trading in the area defined by the Flag’s two parallel trendlines. And third, its net bearish retracement compared from the Flag top is shy of 19 percent (a pullback of more than 50 percent tends to invalidate the flag theory altogether).

Ideally, the retracement expires after the price corrects by 38 percent from the sessional top.

Bitcoin trades inside what appears like a bull flag pattern. Source: BTCUSD on TradingView.com

Traders typically look to enter a long position on a breakout above the high of the Flag’s upper trendline. Their upside target sits at length potentially equal to the size of the uptrend before the Flag formation. The so-called “flagpole” height comes to be $15,469.

Measuring from the point of breakout — roughly near $56,000 — the flag’s upside target sits near $71,469 (~$71,500).

Bitcoin Bearish Case

Not confirmed, Bitcoin also risks forming a bearish technical structure should it reject a breakout move above $58,500.

In retrospect, the $58,500-level capped the cryptocurrency from breaking upward during the late February session. On bitcoin’s next attempt, the price surpassed $58,500 to form a record high at $61,778 (data from Coinbase). Nevertheless, the cryptocurrency flipped $58,500 all over again as resistance following its 19 percent correction.

And now, bitcoin is testing $58,500 to the upside all over again. That constitutes a potential head and shoulder indication, which is a bearish reversal pattern.

Bitcoin’s potential head and shoulder pattern outlook. Source: BTCUSD on TradingView.com

A breakout from the head and shoulder risks crashing Bitcoin by as much as the height of the pattern’s neckline support and its top. It comes to be $16,339, which shifts the cryptocurrency’s downside target near $30,000.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 68949.85 (+0.33%)
Объем 24H $28.985b
Изменеия 24h: -0.08 %, 7d: 0.65 %
Cегодня L: $68635.26 - H: $69284.62
Капитализация $1358.836b Rank 1
Цена в час новости $ 59357.62 (16.16%)

bitcoin suggests cap market cryptocurrency valuable leading

bitcoin suggests → Результатов: 126


Bitcoin [BTC]: Ignore media’s FUD and stick to BTC’s investment thesis, suggests Samson Mow

The sheer amount of speculation and interest in the Bitcoin [BTC] market is at an all-time high now, as its price and market cap has been rapidly rising for the past two weeks. During this time, the cryptocurrency industry has been rife with FUD about the reliability of the world’s largest cryptocurrency, and the entire […] The post Bitcoin [BTC]: Ignore media’s FUD and stick to BTC’s investment thesis, suggests Samson Mow appeared first on AMBCrypto.

2019-6-1 20:30


Coinbase Sides With Bitcoin Cash (BCH) Miners on 51% Attack Smack

By CCN: Coinbase researchers have released their own investigative findings into the recent Bitcoin Cash 51% attack controversy, and their conclusions might upset many Bitcoin maximalists. When Bitcoin Cash came under attack during a scheduled hardfork in mid-May, a group of miners colluded to reverse the attacked blocks and return misappropriated funds to their rightful owners.

2019-5-31 17:20


Фото:

Bitcoin Price Predictions Continue Outlandish Trend: We Measured Them In Cars.

Bitcoin price predictions are turning into a cottage industry. Since the ‘Bitcoin boom‘ in early April, Fundstradt’s Tom Lee –  the Tiresias of the modern age – has told anyone who’ll still listen that prices will exceed $10,000 this year (equivalent to this 2011 Toyota Avalon with $133k miles), while Bobby Lee (no relation) suggests […] The post Bitcoin Price Predictions Continue Outlandish Trend: We Measured Them In Cars. appeared first on Crypto Briefing.

2019-5-24 14:59


Фото:

Bitcoin Price Rally Will Continue, Bullish Weekly RSI Suggests

Bitcoin price is knocking on the $6,000 resistance and appears ready to run higher this week. Bitcoin Price: Market Overview Bulls are buying dips on Bitcoin and defending the ascending trendline even though over the weekend and early Monday BTC showed some occasional weakness on the 1 and 4-hour chart by dropping below the exponential moving averages.

2019-5-7 10:00