BTC/USD Forecast: Bitcoin Breaks Out to Confirm Bullish Flag
Date
11/10/2021 7:12:54 AM
(MENAFN- Daily Forex) bitcoin initially pulled back just a bit on Monday but found $60,000 to be supportive. Furthermore, the market rocketed to the upside to break above the $66,000 level. Now that we have done this, Bitcoin has confirmed the bullish flag and is threatening the all-time highs at the time of writing. The market has been very bullish for some time, but just took off on Monday to finally break above this short-term pullback.
Advertisement Recent volatility has made some great Bitcoin trading opportunities Get in now!
When you take a look at the candlestick, it is very likely that the momentum will continue to push to the upside. This is not a huge surprise considering that the US dollar has gotten absolutely hammered, and this is a market that had spent a couple of weeks digesting the huge move higher. When you look at the bullish flag, the pole of the flag measures for a move towards the $85,000 level, and after the momentum that we had seen thrown into this market during the day on Monday, that is not a real stretch of the imagination. I think at this point Bitcoin is going to go much higher. That being said, it does not necessarily mean we will get there overnight.
The 50-day EMA sits just below the $55,000 level, and it certainly looks as if it is going to continue going higher. The $60,000 level will more than likely now offer support and could be a bit of a“floor in the market” going forward. Bitcoin does seem to acknowledge the markets in $10,000 increments, so it all ties together quite nicely. I believe at this point you have to look at the possibility of almost any pullback in this market as being a nice buying opportunity, and I think most people would recognize that as such.
On the other hand, if we were to turn around and break down below the $50,000 level, then it is possible that we could enter a much deeper corrective phase. That being said, the technical analysis right now suggests that we are quite some time from making that happen, so I believe Bitcoin will continue to attract more flow, especially now that we have the ETF available for Wall Street traders, and by extension retirement accounts.
MENAFN09112021000131011023ID1103134018
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.