Bitcoin prices are now more than $ 107,000 in optimistic trade weeks, with a 4.89%increase in pilot cryptocurrency. Interestingly, this recent price rally is converted to 1.06%of a monthly chart, suggesting that the market management to the bull is gradually converted after several weeks of reinforcement.
In particular, the famous market analyst at the pseudonym Merlijn supported the merchant Lee Emerging Momentum and confirmed the bull flag pattern on the Bitcoin Daily chart with a positive MACD crossover.
Bull Flag Pattern indicates a strong potential of Bitcoin.
Bull Flag is a classic continuous continuous pattern that indicates the possibility of a price rally despite the ongoing integration. Share as you can see on the chart Merlijn, this strong chart pattern begins with a rapid price rally. In other words, when Bitcoin began to rise in early April, the flagpole rose from about $ 74,000 to more than $ 110,000 at the end of May.
The flagpole continues the flag/penant. Flag/Penant is a price integration period for downward or to form a graduation channel. This price movement has been greatly integrated within the lower channel between $ 101,000 and $ 110,000 since Bitcoin has reached a new all-time high until May 22. The flag is usually interpreted as a short cooling period before the momentum resumes in the original trend direction.
Interestingly, recent candlelight movements show evacuation at the top of the Bull Flag, where the upward trend can soon be resumed. Based on the analysis of Merlijn, when the brake out is confirmed as a decisive proximity, the measured movement of the new price rally is generally similar to the length of the initial flagpole point for the $ 144,000 goal. In other words, 34%of the current market price.
In support of this strong case, market analysts also observed a recent crossover for MACD (Movement Average Convergence Divergence) indicators. In particular, the MACD line (blue) goes beyond the signal line (orange) below, and is often interpreted by the trader as a purchase signal. Interestingly, this is when you display the first positive crossover in June and when Bitcoin tests the top band of the Bull Flag.
MERLIJN is an imminent evacuation, suggesting that the price behavior and technical indicators are all suggested, and investors lead the FOMO if the rally is full or moved completely. But all market participants are recommended to live in due diligence before making an investment decision.
Bitcoin price outline
At the time of writing, Bitcoin will increase slightly 0.03% on the last day and then exchange for $ 107,485.
The main image of the Reuters, the chart of TradingView
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