Bitcoin Bull Flag or Bust?

23 באוק׳ 2023

Bitcoin's monthly chart is looking more and more like a macro Bull-Flag which interestingly puts price to around 50k, the same as the Fibonacci Golden Pocket target.

I was waiting to see if we'd see the Bull Flag play our, or a shallow Head and Shoulders / Triple Top pattern. Hard to say, but overall it feels Bullish.

BTC has gone up 15% in the last 7 days, so a near term pullback and profit taking day is due for Bitcoin on the daily chart, but I expect a hard bounce off it's rising 21 / 50 day EMA's and will be looking for a confirmed break AND close above 31K-32k to confirm the rally is real.

Otherwise, if BTC can't hold the 30k level here, it's likely going lower to retest the prior 25.3k level that's been the lower edge of the sideways channel.

And let's not forget..

There's still a CME gap unfilled around 20k.

That would be like a Black Friday sale for Bitcoin and a chance to load up.

What do you think traders?