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The validity of this Bitcoin rally is raising concerns among traders as we are seeing a key pattern repeat itself in the 1-hour timeframe.
The Exact pattern we are talking about is the Bearish Flag Pattern currently playing out in the 1-hour timeframe. And the last time the BTC price formed this pattern, we saw a massive -35% dump in the value of Bitcoin.
For this reason, seeing the price from it again is raising a lot of worry about what we should expect next from the Bitcoin price in the coming days.
In this Bitcoin analysis, we will be talking more in-depth about this Bearish Flag Pattern, the key levels we are watching, and what its completion might mean for Bitcoin in the coming days.
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Bitcoin Bearish Flag Pattern
The Bearish Flag Pattern is a bearish continuation pattern that indicates there is a very high probability for an asset to continue selling off in the future.
But for this sell-off to be confirmed, the price needs to break through and close below the base support channel of the flag pattern. For Bitcoin, that break below the base support would look like the image below.
Until we see a bearish breakdown like this, it is best to stand aside and wait for the Flag pattern to be confirmed in the 1-hour timeframe.
Final Verdict!
The Bitcoin price might be rallying strongly right now however, the price has strong obstacles ahead it needs to surpass to remain bullish.
And right now, seeing this bearish flag pattern forming on the 1-hour timeframe only raises more concerns and worries into what the future of the Bitcoin price might look like in the coming days.
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