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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.
Updated Jul 4, 2023, 11:26 a.m. Published Jul 4, 2023, 11:26 a.m.
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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Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
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