BTCUSDT Quick Update🚀$BTC
Bitcoin chart bull flag is a 'strong bullish setup' — Analysis
👉Bitcoin on a daily chart forming a bull continuation pattern. According to Wyckoff's law of cause and effect "the longer the consolidation, the more explosive the markup will be.
👉We're seeing a bull flag on Bitcoin's daily chart, which historically suggests more upside. It’s shaping up nicely after a solid rally, with declining volume indicating a pause before potentially shooting towards $100,000.
👉After testing $64,000 more than once on the day, only to confirm it as resilient support, Bitcoin does signal the potential for a further climb upward. Despite that, any significant price rises could remain unrealized, with Bitcoin merely reaching the upper bands of the established trading range of around $67,000.
👉Historically going into May, we see Bitcoin fade to retest support of the 20-week [small moving average] SMA, which would put Bitcoin at $56,000. I think such a move would be healthy before going higher. It’s exactly these kinds of dips that can offer solid buying opportunities before the next climb to record highs.”
👉Unless there is a long period of high interest rates affecting sentiment towards digital assets for the remainder of 2024, it’s unlikely that Bitcoin will retrace that far back.”
Analysis By:-Crypto Yash
