After Wednesday’s big upward price surge, the bitcoin (BTC) price paused for breath on Thursday. A successful retest of $65,500 has taken place. Will this be the platform for the next leg upward?
Price consolidation
Bitcoin entered much calmer waters on Thursday. After the 7.6% rally seen on Wednesday, the $BTC price is currently consolidating above the important support at $65,500. A retest of this support has been made, but there is still leeway for a descent to $64,000 or perhaps even lower.
Bull flag is shaping up
Source: Coingecko/TradingView
That said, a bull flag pattern is starting to take shape on the very short 1-hour time frame. Should this pattern continue, and the price stays within the flag boundaries, a break to the upside would be more likely than downward. A measured move for this pattern would take the price to around $71,000.
Bullish developments
Source: Coingecko/TradingView
On the much higher weekly time frame, $BTC is still looking very bullish. Vol
We współpracy z: https://cryptodaily.co.uk/2024/05/bitcoin-btc-retests-support-onward-and-upward-from-here
