Bitcoin bearish flag
The target could fall below $50,000
From a technical perspective, Bitcoin's price action has led to the formation of a classic bearish flag, a bearish continuation pattern that forms after the price consolidates within an upward sloping range following a sharp decline. .
Additionally, Bitcoin's daily relative strength index is oversold at 29. This explains the intensity of the ongoing sell-off, boosting BTC's chances of reaching its bear flag target.
