Bitcoin Technical Analysis – Will the BTC Bull Flag Happen?
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.
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
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