cryptopatel 
10
BTC Technical Analysis – Bull Flag Formation
Bitcoin (BTC) is currently trading within a bull flag pattern on the 2-hour chart, which is considered a continuation pattern. This represents a period of consolidation after an upward move, signaling that bullish momentum may continue.
Read More CrytoNews: Trade $WIF Successfully | Crypto Money | Bitcoin Market Analysis | Arbitrum Bull Run Analysis
Key Takeaways:
- BTC is trading inside an ascending channel, forming a bull flag consolidation pattern
- The upper resistance of the flag lies around $52,800
- The lower support is at $50,800
- A 2-hour candle close above $52,800 resistance would confirm an upside breakout from the flag pattern, opening BTC to further upside
- On the flip side, a 2-hour close below $50,800 would invalidate the bullish setup
The bull flag is considered a bullish continuation pattern but requires a confirmatory breakout above $52,800 before entering any long positions. The pattern suggests a potential upside upon a confirmed breakout. Will look to update accordingly based on price action and confirmation of the technical pattern. Trade safe.
Do your research before investing in any crypto. NFA
