Known as Bitcoin Bull Flag, Technical Indicator has recently suggested that the leading cryptocurrency will be priced above $70k soon. In accordance with the recent data revelations from the technical indicator, BTC will be more valuable than it already is.
Bitcoin Bull Flag Suggests Price Will Blow Beyond $70K
Labeled as Bitcoin Bull Flag, the chart pattern is formed when an asset combines downwards for a short period after undergoing a huge surge in prices. Denoted by two parallel trendlines, it appears like a downslope channel, in which the price fluctuations occur and volume declines.
Before suggesting that it is in a bull flag pattern, the crypto asset checks almost all the requirements.
The checklist goes like this, firstly, it checks the foregoing trend is upward, secondly, it is trading in the area that is defined by the two parallel trendlines of the Flag. Thirdly, the net bearish conjecture compared from the top of the Flag is shy of 19 percent.
Preferably, the conjecture expires after the correction in price is witnessed to be 38% from the sessional top.
Traders customarily seek to enter a long position on a breakout above the high on the upper trendline of the Bull Flag. In addition to this, the upper target of the breakout sits at a length equivalent to the size of the uptrend before the formation of the Flag.
Bearish Case of BTC
Although it is not confirmed that Bitcoin also risks forming a bearish technical structure if in any case, it rejects a breakout move above the level of $58,500.
On the further attempt of the leading cryptocurrency, the cost of the asset surpassed $58,500 to create a record high at over $61k.
Moreover now, BTC is testing $58,500 to the upside all over again that inaugurates a potential head and shoulder indication, a bearish reversal pattern.