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After Wednesday’s big rally, Bitcoin (BTC) price took a breather on Thursday. There was a successful retest of $65,500. Will this be the platform for your next rise?
price integration
Bitcoin entered much calmer waters on Thursday. After a 7.6% rally on Wednesday, the $BTC price is currently firmly above the important support level at $65,500. A retest of this support has occurred, but there is still room for a decline to $64,000 or lower.
A bull flag is forming
Source: CoinGecko/TradingView
That said, a bullish pattern is starting to form on the very short one hour frame. If this pattern continues and the price stays within the flag boundary, a bullish reversal is more likely than a bearish one. A measured move against this pattern would take the price to around $71,000.
optimistic progress
Source: CoinGecko/TradingView
On much higher weekly time frames, $BTC is still looking very strong. Trading volume continues to decline, predicting explosive movement in the future. There are three days left this week. Firstly, we hope that $BTC stays within the bullish flag, secondly, we hope that the price stays at the resistance level and turns into support, and finally, we hope that we see a stochastic crossover on the weekly time frame.
Bulls need to make the most of it
A breakout and retest of the upper bull flag early next week will likely herald an explosive price rise. Considering that a crossover from the stochastic RSI bottom occurs every six months, such a move should take full advantage of the momentum it will bring. Failure to do so may result in the price not breaking its all-time high, or it may do so but fail the above check. The continued success of this bull market depends on this.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
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