Bitcoin's recent surge upwards, which saw the 2019 trendline break, saw last week's trading stagnate.
With the surge, we can see a bullish flag pattern and as of Friday's session close, a small breakout had occurred.
This could mean that Bitcoin could continue to rise should it breakout further of the flag formation. This breakout also closed above a significant resistance level of $3693.
The reaction at the 38.2% fib level suggested that the previous move upwards wasn't strong enough to push higher. Now with a breakout above as mentioned, it could be possible that Bitcoin could move upwards to $4013 level.
Alternatively, if the 38.2% level holds and the flag pattern fails, then we could see a move down towards the 2019 low of $3405. Should this low break and we continue the trend of 2019 then it is possible for the price to reach the 127.2% or 161.8% levels, $3240 and $3029 respectively.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
With the surge, we can see a bullish flag pattern and as of Friday's session close, a small breakout had occurred.
This could mean that Bitcoin could continue to rise should it breakout further of the flag formation. This breakout also closed above a significant resistance level of $3693.
The reaction at the 38.2% fib level suggested that the previous move upwards wasn't strong enough to push higher. Now with a breakout above as mentioned, it could be possible that Bitcoin could move upwards to $4013 level.
Alternatively, if the 38.2% level holds and the flag pattern fails, then we could see a move down towards the 2019 low of $3405. Should this low break and we continue the trend of 2019 then it is possible for the price to reach the 127.2% or 161.8% levels, $3240 and $3029 respectively.
This analysis is for informational purposes only and is not a recommendation, buy/sell signal, or advice in any format.
