Bitcoin Bull Flag Incoming: Corrections Could Be Just Noise—Here are the Targets for the BTC Price Rally!
The post Bitcoin Bull Flag Incoming: Corrections Could Be Just Noise—Here are the Targets for the BTC Price Rally! appeared first on Coinpedia Fintech News
Yet another bearish day in crypto as the Bitcoin price faces rejection after an attempt to enter the pivotal resistance above $70,000. With this, the price dropped below $67,000, facing a marginal loss since the early trading hours. Multiple failed attempts do signal the growing dominance of the bulls, but the star token does possess a hidden bullish divergence, which may lift the rally above the bearish level very soon.
After consolidating for a couple of months, the price appears to have entered a crucial phase as a rise in the negative pressure may turn the tables for the star token. The price is stuck within a descending parallel channel, but from a larger perspective, the price is trading within a bullish pattern. Unfortunately, the bearish influence appears to outpower the bullish strength in a short while, which may drag the levels back below $65,000 in the next few days.
As suggested above, the BTC price is heading towards the apex of the bull flag which may cause the token to surge heavily after a breakout. However, the price is expected to undergo a minor pullback in the short term as the bulls have failed to elevate the levels above the upper resistance. With this, the possibility of the price testing the ascending trend line emerges which has been acting as a strong support since the beginning.
Secondly, the MACD suggests a drop in the buying volume, due to which the price may experience a minor pullback. Luckily, the Ichimoku cloud continues to remain bullish, which suggests the momentum of the rally favours the bulls. And hence, the ongoing correction could be just noise. Eventually, the Bitcoin (BTC) price is poised to maintain a healthy upswing and after a brief consolidation, the token is poised to rise beyond the current ATH very soon.
