财经少华
--
Analyzing Bitcoin
Bitcoin is currently hovering above $107,000, having risen 4.89% in the previous week. It is worth mentioning that the recent price increase has translated into a 1.06% gain on the monthly chart, suggesting that after several weeks of downward consolidation, market control is gradually returning to the bulls.
A bullish flag pattern has been identified on the Bitcoin daily chart, along with a golden cross in the MACD.
A bullish flag is a typical bullish continuation pattern, indicating that despite ongoing price consolidation, the upward trend may still persist. This bullish chart pattern begins with a sharp price increase, known as the flagpole, when Bitcoin initiated its upward trend in early April, with prices climbing sharply from around $74,000 to over $110,000 by the end of May.
The flagpole formation is followed by the flag/triangle flag pattern, referring to a price consolidation period that forms a downward or sideways sloping channel. Since Bitcoin set its all-time high on May 22, the price has largely consolidated within a downward channel between $101,000 and $110,000. The flag pattern is typically interpreted as a brief cooling period, after which momentum is expected to resume in the original trend direction.
Recent candlestick movements indicate that the price has broken above the upper boundary of the bullish flag, suggesting that the upward trend may soon resume. If the breakout is confirmed with a clear closing price, the new price increase (usually similar to the initial flagpole's length) will point to higher target price levels, representing a potential increase of 34% from the current market price.
We can also observe the recent MACD indicator. The MACD has crossed from below, which is typically interpreted as a buy signal. Interestingly, this is the first positive cross since June, coinciding with Bitcoin testing the upper boundary of the bullish flag pattern.
As both price movements and technical indicators suggest an imminent breakout, investors are advised to participate early in this upward trend; otherwise, once the upward momentum fully unfolds, they may face the risk of 'fear of missing out' (FOMO).
However, all market participants should conduct thorough research before making investment decisions.
#BTC
Bitcoin is currently hovering above $107,000, having risen 4.89% in the previous week. It is worth mentioning that the recent price increase has translated into a 1.06% gain on the monthly chart, suggesting that after several weeks of downward consolidation, market control is gradually returning to the bulls.
A bullish flag pattern has been identified on the Bitcoin daily chart, along with a golden cross in the MACD.
A bullish flag is a typical bullish continuation pattern, indicating that despite ongoing price consolidation, the upward trend may still persist. This bullish chart pattern begins with a sharp price increase, known as the flagpole, when Bitcoin initiated its upward trend in early April, with prices climbing sharply from around $74,000 to over $110,000 by the end of May.
The flagpole formation is followed by the flag/triangle flag pattern, referring to a price consolidation period that forms a downward or sideways sloping channel. Since Bitcoin set its all-time high on May 22, the price has largely consolidated within a downward channel between $101,000 and $110,000. The flag pattern is typically interpreted as a brief cooling period, after which momentum is expected to resume in the original trend direction.
Recent candlestick movements indicate that the price has broken above the upper boundary of the bullish flag, suggesting that the upward trend may soon resume. If the breakout is confirmed with a clear closing price, the new price increase (usually similar to the initial flagpole's length) will point to higher target price levels, representing a potential increase of 34% from the current market price.
We can also observe the recent MACD indicator. The MACD has crossed from below, which is typically interpreted as a buy signal. Interestingly, this is the first positive cross since June, coinciding with Bitcoin testing the upper boundary of the bullish flag pattern.
As both price movements and technical indicators suggest an imminent breakout, investors are advised to participate early in this upward trend; otherwise, once the upward momentum fully unfolds, they may face the risk of 'fear of missing out' (FOMO).
However, all market participants should conduct thorough research before making investment decisions.
#BTC
Disclaimer: Includes third-party opinions. No financial advice. May include sponsored content. See T&Cs.