Bitcoin price is currently forming what looks like a bull flag on the 1-hour timeframe. This pattern is very bullish and could see the Bitcoin price surging to as high as the $70,000 price region in the coming days.
To take advantage of this trade setup sign up to Bybit. The exchange is one of the best crypto trading platforms. You also get a $200 bonus when you sign-up and deposit using our Bybit link.
Key Levels To Watch
The key level to watch is the $58,298 resistance, we want to see Bitcoin break and close above that resistance in the coming days. This will confirm that the bulls are back in full control and we can expect to see the Bitcoin price continue to surge higher.
The likely target for this bullish move would be the $70,000 price level. This is the normal target for the flag pattern and has a very high probability of playing out.
However, if the $58,298 price level continues to hold strong we might see a Bitcoin crash back down to the $51,928 key support or even as low as the $45,000 level.
We want to wait and see how Bitcoin reacts to the top of the channel for the flag pattern and the $58,298 horizontal resistance. A break of both is a strong indication that the bull run might just resume sooner than we expect.
You can take advantage of these Bitcoin trade setups on Bybit. The platform is fantastic for both beginners and experienced traders.
You can sign up using this link to get up to $200 in bonus after your first deposit.
Claim up to $1610 in Bonus
We also created a video below where we talked more in-depth about some other patterns developing on the Bitcoin chart right now! We also talk about key fundamental factors that might affect the Bitcoin price in the coming days.
To Gain More Information On How To Trade
Earn While You Sleep
You can also earn while you sleep by investing with professional traders on PrimeXBT. This method is called Covesting and is perfect for both new and experienced traders. You can sign-up using this link PrimeXBT Covesting.