Bitcoin (BTCUSD) made a beautiful technical rebound on its 1D MA50 (blue trend-line), testing and holding it on 3 separate 1D candles. This has caused a short-term rebound so far, taking the price to the top of the Channel Down.
As we mentioned on previous analysis, if BTC breaks above that Channel, it will be technically confirmed as a Bull Flag, similar to the May 20 - June 20 pattern. Interestingly enough, that one was confirmed by a 1D MACD Bullish Cross, a formation that the MACD is about to make again. However it is not conclusive as 1 out of the last 3 such sequences was false.
In any case, if the break-out does take place, we are ahead of potentially two targets. Short-term $140000, which would be a +25.45% Bullish Leg, such as the one that led to the current Flag and medium-term $148000, which is the 2.0 Fibonacci extension.
Which Target do you think we'll hit, if any? Feel free to let us know in the comments section below!
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