Bitcoin has remained trapped in a downward channel since the latter part of June. With the last couple of days of positive price action, is bitcoin now ready to go higher?
A bull flag breakout?
Bitcoin has been in an accumulation phase for the past seven weeks. Following a spike higher from a mid-June low of $24,800, the price almost reached $32,000 before rolling over and following the downwards channel it is currently trying to free itself from.
Positive price action since Monday saw bitcoin emerge from its bull flag. However, Wednesday sees price trying to hold the top of the flag. Whether it is successful or not will signal the next phase of price action. If the breakout of the bull flag does get confirmed, bitcoin has the possibility to go much higher, with a measured move out of the flag taking it to $35,000, which would potentially turn $30,000 into new support.
However, failure to break out of the flag can bring bitcoin ever closer to its major support of the uptrend which is u
We współpracy z: https://cryptodaily.co.uk/2023/08/has-bitcoin-broken-its-shackles
