Bitcoin Technical Analysis – Will the BTC Bull Flag Happen?

bitcoin copy trading
Bitcoin Daily Chart – Source: Tradingview.com

Top analysts currently have mixed price prospects for the cryptocurrency market leader Bitcoin. Price failed to overcome a former high during a surge last week leading to a bearish market structure with a lower high.

However, many are seeing the current price action forming a bull flag pattern increasing the likelihood that the next significant movement will be a bullish surge.

Bitcoin 4-Hour Chart – Source: Tradingview.com

In today’s Bitcoin technical analysis we see a bull flag pattern which is characterized by a bullish surge followed by a price consolidation or price trading within a range. Price has been trading in a downward channel since a bullish surge that took place last week.

The key levels to monitor are $3680 which has acted as resistance in the past and $3492 to the downside which has been an important point for both support and resistance on the longer term timeframes. A break below $3492 may find some buyer liquidity at $3446.

Key Takeaways From Today’s Bitcoin Price Analysis:

  • Mixed outlooks with a lower high being recorded forming a bearish structure but a bull flag also potentially forming
  • Key levels to monitor are $3680 for resistance and $3492 for support
  • Other important levels below $3492 are $3446 and $3378

Latest Bitcoin News:

  • How to Short Bitcoin – A Guide to Shorting BTC in 2019

  • Veteran Wall Street Advisor Reaffirms His Notion That a Bitcoin ETF Is Inevitable

DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Technical Analysis – Will the BTC Bull Flag Happen? was originally found on Cryptocurrency News | Blockchain News | Bitcoin News | blokt.com.

binary options