According to BlockBeats, on September 11, according to an analysis released by Coindesk, Bitcoin's weekly MACD has been negative since April, occasionally sending the strongest bearish signal since 2022. However, the price of Bitcoin remained in a slightly downward sloping channel between $50,000 and $70,000, forming a "bull flag" pattern rather than a sharp downward trend, which contradicted the ongoing MACD signal.
Trader Thomas N. Bulkowski defines a “bull flag” pattern as a period of consolidation characterized by a slightly downward sloping channel following a steep uptrend, which is usually followed by higher prices that continue the previous uptrend.
Indicators show that the MACD has been bearish since the end of April, which, combined with the flag price pattern, suggests bullish sentiment beneath the surface price action. Sellers have failed to form a strong downtrend, suppressing prices between $55,000 and $50,000 during the panic selling in early August. Prolonged weakness among sellers may indicate a sudden bull market revival and price increases.
