Exit flag pattern
BTC/USD
After consolidating in the “thirteen five hundred” area, the price completed the flag pattern. According to the classical theory of technical analysis, when the “flag” figure is completed, the flag border is tested and movement along the trend is resumed, and the strength of the breakout should correspond to the size of the flagpole. Thus, a breakdown of the upper border of the flag is expected to the price level of sixteen thousand, which approximately corresponds to 61.8% fibonacci. This green fib level should act as price support and a consolidation zone, after which the price will again be able to continue growing to the upper border of the blue zone (78.6% fib level - 17500.00). However, you should pay attention to the price level of 16200.00, in the blue Fibonacci rectangle. Around this value, the price repeatedly met support during trading last week, and on December 27, when the price moves upward, this level can provide quite strong resistance and overcoming it on the first try can return the price to $15,600.00 per bitcoin.
You May Also Like
Brief analysis of the situation on the crypto market over the past week
Miners are dealing with the low price of BTC, with Core Scientific selling over 7,000 BTC in June. Hut8 now has 5,800 farms in Ontario and claims that all BTC will be frozen. The analysis was prepared by KickEX exchange analysts
Market expectations are set for the Fed to release new rates next week.
Summing up the results of 90 days in the cryptocurrency market, we can notice a shake-up of investors and a clearing of the market after a series of bankruptcies of key players in the market - KickEX traders about events that will affect the situation in the cryptocurrency market and scenarios for the development of events.
