Date: 2023-04-11T15:20:00Z Creator: Bitfolio Academy
Great news for Bitcoin! BTC has formed a bullish flag formation on the daily chart that could indicate a significant, upward trend over the next few weeks. This pattern, which resembles a flagpole, results from a vertical rise followed by sideways consolidation, represented by the flag. From March 10th to March 24th, Bitcoin demonstrated a vertical rise, followed by sideways accumulation until April 10th.
A breakout from a bullish flag formation typically leads to a powerful upward move, with the length of the prior flag pole often used as a measure of the move. Bitcoin broke out yesterday from the flag. And, the length of the flagpole indicates a breakout to 38K. So, investors have good reason to be optimistic about BTC’s future performance.
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