Bitcoin price action at an important juncture through the pattern
The bullish flag formed approximately 36 weeks ago and as we mentioned the full technical target will be $100,000, but the longer it takes to break the pattern upwards the more incomplete the full technical target will be, so the target is currently between $80,000 and $90,000 levels...
The dangerous thing is if the price action of Bitcoin returns inside the pattern, because even the movement inside the pattern has the potential to drop to the $48,000 levels, which is the lowest level inside the bullish flag pattern channel…
Bitcoin is trying to confirm the upward break of the pattern, and if this happens, the initial target will be $75,000 and at best $80,000 levels, then return to retest the $70,000 areas, and Bitcoin must confirm the $70,000 level as a support line, and this is necessary and inevitable, otherwise we are exposed to a decline to very low levels...
We hope that the breakout to the upside will be confirmed, and if this happens, I advise taking part of the profits at the $75,000 levels, then waiting and withdrawing the remaining profits above the $80,000 levels, then waiting for the correction and buying at the $70,000 or $71,000 levels, of course taking into account the results of the US elections…
The article is not investment advice.
Good luck to all.
