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Bitcoin May Be Forming a 'Bull Flag' on Price Chart: Technical Analysis
A bullish flag looks to be forming and would be completed on a breakout above $31,900, analysts at Fairlead Strategies said.
Bitcoin's recent price consolidation above $30,000 seems to be taking the shape of a technical analysis pattern called a "bull flag," a pattern that indicates a further rally is likely to be on the cards.
- "Bitcoin is digesting its gains in a consolidation phase. A bullish flag may be forming and would be completed on a breakout above the weekly [Ichimoku] cloud near $31,900," analysts at technical analysis research provider Fairlead Strategies wrote in a note to clients on Monday.
- A bull flag consists of a pole and a flag. The pole represents the initial price rally and the flag represents subsequent consolidation stemming from temporary exhaustion of bullish sentiment and the absence of strong selling pressure.
- According to technical analysis theory, once an asset has broken through the flag, it tends to rally an amount roughly equal to the length of the pole. A breakout is confirmed once the upper end of the flag is breached.
- In bitcoin's case, the move higher from the June 15 low of $24,770 to the June 23 high of $31,441 represents the pole, while the subsequent consolidation represents the flag.
- A potential BTC breakout from the flag would shift focus to the next resistance at $35,900, according to Fairlead.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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