BTC analysis – will the bear flag pattern close soon?2 min read
BTC is currently still in the long-term bear flag, which is likely to end correction leg. However, the price is still rising and we tested the last maximum resistance at $ 49,400. Is the market overheated or will the trend continue steadily upwards?
BTC encountered resistance and it is possible that in the next few hours we will go down. In the long run, however, the trend is bullish. However, the pattern in which the price is located should be closed by a decline, which would only contribute to the stability of growth. Both decreases within the flag recorded 38.2% retracement, which also indicates stability.
What to watch on the BTC chart?
However, if we want the flag to continue, it will be necessary to create stronger growing leg, like the current one. Bull targets are on the surface $ 50,500 and $ 53,500. However, the volumes during the flag are rather declining, so it is possible that this leg upwards will be the last in the flag. Subsequently, it would be appropriate to create a correction so that the trend can continue to gain momentum.
The dynamic support flag is currently roughly afloat $ 46,700, other supports are on $ 44,000 and long – term on $ 41,000. In the long run, the correction should not break $ 41,000. This is the level of previous resistance of the 2.5-month accumulation zone.
Sentiment and long-term trend can be assessed as bullish, but in the short term the price indicates slowdown in trend and volumes, which can cause a short – term several – day correction.