Why This Technical Analyst Says The Bitcoin Price Rally Isn’t Over Yet
The bitcoin price on Monday showed no significant movements after posting an impressive rally early Friday.
That being said, if price manages to attempt a breakout to the upside, coupled with an increase in trading volume, then the bull flag would be confirmed, and we’ll see bitcoin retesting the $3,800-bull target – the near-term descending trendline depicted in red.
At the same time, if RSI continues to trend above 57.7, then it could confirm the next rally towards $3,800 – as mentioned above.
A bounce from flag support would have us enter a long position towards flag resistance.
Conversely, a pullback action from flag resistance would allow us to open a short position towards flag support.
Regarding our breakout strategy, a break above flag resistance would have us target $3,800 as our upside target.
In case the bearish action takes over, we would wait for the bitcoin price to break below flag support.
Yashu Gola’s original article for ccn.com reduced by 70%
Related cryptocurrency news – Bitcoin Price Analysis: BTC Surges To $3,802, Creating Fresh February Highs
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CN [too long; didn’t read]
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