Bull Flag/Broadening Triangle hints Bullish Case
The latest chart you've shared illustrates the bullish flag and descending broadening triangle pattern within a larger uptrend. If the bullish scenario plays out, the targets can be anticipated as follows:
1. Bullish Target 1 at $85,643: A breakout from the current flag could lead Bitcoin towards this first major resistance level.
2. Bullish Target 2 at $102,304: If momentum continues, the next resistance would be around the psychological 100K mark.
Bearish Scenario:
- If Bitcoin fails to break out from the flag, there could be a retest of the lower trendline:
- Bearish Target 1 at $55,567: A drop to the 0.618 Fibonacci level.
- Bearish Target 2 at $44,714: Further decline towards the 0.382 Fibonacci level.
- Bearish Target 3 at $38,000: The lowest support in the broader descending channel.
This setup reflects both potential upside and downside risks, with key levels to watch for directional confirmation. Bitcoin's current position at $60,800 shows resilience, but the next few moves will be critical for determining whether it breaks above or retraces towards the lower targets.
1. Bullish Target 1 at $85,643: A breakout from the current flag could lead Bitcoin towards this first major resistance level.
2. Bullish Target 2 at $102,304: If momentum continues, the next resistance would be around the psychological 100K mark.
Bearish Scenario:
- If Bitcoin fails to break out from the flag, there could be a retest of the lower trendline:
- Bearish Target 1 at $55,567: A drop to the 0.618 Fibonacci level.
- Bearish Target 2 at $44,714: Further decline towards the 0.382 Fibonacci level.
- Bearish Target 3 at $38,000: The lowest support in the broader descending channel.
This setup reflects both potential upside and downside risks, with key levels to watch for directional confirmation. Bitcoin's current position at $60,800 shows resilience, but the next few moves will be critical for determining whether it breaks above or retraces towards the lower targets.
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