Bitcoin is currently trading in a very specific zone that resembles a classic bull flag continuation pattern, similar to the one we saw during last year’s rally.
Back then, a slow-forming bull flag broke to the upside, pushed to new all-time highs, and then retested the top of the same flag before continuing higher.
Now, we are witnessing a similar setup, but this time the formation has developed much faster.
The key difference:
While last year’s bull flag took a longer time to mature, the current one is more compressed, indicating a potentially sharper move if confirmed.
The $108K daily level is critical.
As long as Bitcoin remains above this level, the structure favors a new rally.
This could be the start of another impulsive leg, targeting the $128K Area.
Back then, a slow-forming bull flag broke to the upside, pushed to new all-time highs, and then retested the top of the same flag before continuing higher.
Now, we are witnessing a similar setup, but this time the formation has developed much faster.
The key difference:
While last year’s bull flag took a longer time to mature, the current one is more compressed, indicating a potentially sharper move if confirmed.
The $108K daily level is critical.
As long as Bitcoin remains above this level, the structure favors a new rally.
This could be the start of another impulsive leg, targeting the $128K Area.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.