Bitcoin is trying to break out of the bullish flag pattern that has been going on for almost 34 weeks, but it is finding it very difficult to do so, so if it fails to break out, we are going to see the $47,000 levels, which represents the lower leg of the bullish flag pattern, and if Bitcoin fails to maintain this pattern, we are exposed to a collapse of Bitcoin and a drop to the $38,000 levels...
We should see Bitcoin at higher levels above $75,000 as soon as possible with $70,000 confirmed as a pivotal and key support line otherwise there will be no point in breaking the pattern upwards…
The important support line is $59,500 and we must not lose it even for one hour, and losing it this time means an inevitable drop to $38,000 levels...
It is worth noting that the full bullish technical target for the bullish world pattern if it breaks upwards is the $100,000 levels, and we hope that the break upwards will occur during this week…
According to the bullish flag pattern, there is a risk of falling to $47,000 levels, so caution should be exercised…
The article is not financial or investment advice…
Good luck to all..
