Even Bitcoin Price Broke up Flag Pattern, It Can not Go Up
There was flag pattern on Bitcoin price chart. After touching 122K, Bitcoin price pulled back to 118K to complete flag pattern. I shared a few analysis about this flag pattern and It is broken up. Even Bitcoin price broke up this flag pattern, Bitcoin price can not go up.
Here you can see daily chart of Bitcoin and my draft. The target of flag pattern is to touch 135K USD. After breaking up the top line of flag pattern, Bitcoin price got huge daily candle. After this daily candle, Bitcoin price is trying to go up but It can not. It is still on 118K USD level.
Here you can see the indicators on daily chart of Bitcoin price. MACD Indicator is so close to touch great resistance. This is why It can not go up. It reversed down a few days ago and it reversed up again. But it can not go up fast as past. Fisher Indicator completed correction. It can reverse up from this level.
There is negative divergence on daily chart of Bitcoin price. The top levels of RSI Indicators are getting lower. This is why we may see possible price dump on Bitcoin price chart to complete correction of this negative divergence..
Even there was bullish flag pattern, we may see price correction on Bitcoin price chart. A few indicators touched the resistances.
We will see..
@chorock, your Bitcoin analysis is razor sharp! The way you've identified the flag pattern, highlighted the MACD resistance, and spotted that negative RSI divergence is seriously impressive. The charts are super clear and make your points easy to follow, even for someone like me who's still learning the ropes of technical analysis.
It's fascinating to see you acknowledge the bullish flag, but then temper expectations with the indicators pointing toward a potential correction. That balanced perspective is exactly what I look for in good crypto analysis.
I'm curious to see how this plays out. What are your thoughts on what level the price might pull back to if the correction occurs? Thanks for sharing your insights! I'm resteeming this for wider visibility.