This is it! The bulls have pushed the $BTC price to the top of the bear flag. Either it’s a breakout here, or a rejection back into the midst of the flag. Are we about to ascend into the next bull market, or do the bears have what it takes to drag the price back down again and continue the bear market? Higher high and breakout, or is $BTC topping out? Source: TradingView From the bullish perspective, the $BTC price has made a higher high, falling just short of the top of the bear flag . However, from the bears’ point of view, the price may be topping out here. A light resistance level has been found at around $78,000 and the price has stopped there, at least for the time being. At the bottom of the chart, the Stochastic RSI indicators are nearing the top of their limit. It just remains to be seen whether there is enough in the tank for that one last surge that takes the price on through. If the price does get above, and confirms, the momentum from this breakout could take the price a lot higher. Breakout measured move to $90,000 Source: TradingView The daily chart reveals the sustained break beyond the downtrend line, and also how the $BTC price could be about to leave the bear flag behind - a very bullish thing in itself. The measured move out of the flag, which is taken from the bottom to the top of the channel, would be to around $90,000. As can be seen in the chart, this would take the price to an exact level of resistance. Further down in the chart, the Stochastic RSI indicators in this daily time frame have turned back around, and there is plenty of room for them to continue to signal upside momentum. At the foot of the chart, the RSI indicator can be seen to have come back again to the underside of the downtrend line after a previous rejection . Could it be second time lucky for the bulls? A perfect bullish breakout, or … Source: TradingView The weekly chart tells us a story that looks as though it can go firmly in favour of the bulls. If one looks inside the current bear flag, a W pattern can clearly be seen in the price action. This is somewhat similar, but bigger, than the W pattern that took the $BTC price out of the previous big pattern of the falling wedge. Look what happened when that one broke out of the wedge. The Stochastic RSI indicators are moving towards the top. All would appear perfect for this breakout. Do the bears have a card up their sleeves that could still ruin everything for the bulls? Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
Signs Of Life For Bitcoin
