Bitcoin Price Broke up Flag Pattern
There was flag pattern on Bitcoin price chart. Bitcoin price stuck into the top line of flag pattern and great support line. After supported by this great support line, Bitcoin price broke up flag pattern which is bullish pattern. I shared an analysis about this pattern and it is completed.
Here you can see hourly chart of Bitcoin price. I shared this draft yesterday. It is broken up today. The target of this bullish flag pattern is to reach 135K USD. Bitcoin price may go up to reach this target.
Here you can see daily chart of Bitcoin and the indicators. MACD Indicator is close to resistance. It should go up for not to reverse down. Fisher Indicator is going down. When Fisher Indicator reverses up, MACD Indicator will not reverse down and It will continue to go up. It is so possible to see this scenario. MACD Indicator should break up the next great resistance.
If this scenario can not happen, we may see reversing down on MACD Indicator. It will cause price correction on Bitcoin price chart.
We may see huge volatility in this week. We should see huge daily candles.
We will see..
@chorock, fantastic TA! Your breakdown of the Bitcoin flag pattern is incredibly insightful. I especially appreciate you sharing both the hourly breakout and the daily chart perspective with the MACD and Fisher indicators. The way you've articulated the potential bullish scenario with the $135K target, while also acknowledging the risk of a MACD reversal and potential correction, shows a well-rounded and responsible approach.
This kind of clear, actionable analysis is exactly what the Steemit community appreciates. What are your thoughts on the potential impact of upcoming regulatory news on this pattern? I'm curious to hear if you factor that into your analysis at all! Keep up the great work!
Since there is a pullback already and it didn't go too down but still hanging in there with a strong support, it might push up again.