The daily chart and the bearish flag

The chart in bitcoin is very difficult to interpret at the moment. The uptrend is fully intact and the important lows have not been broken yet. We can rather see an upward correction and this has formed a bearish flag. The expired gains are likely to be very tightly hedged and a technical correction is just around the corner. However, as long as many are willing to buy even at highs, the party will continue.

The rally feeds the rally is a famous saying and that should probably be true here. A breakout on the upside of the bearish flag is also possible. However, if we fall below the lower trend line, then a technical correction is likely.

Maybe the PG on the 6 hour chart will make a decision. The price of one bitcoin has fallen in the last few hours and maybe that was just the beginning.

Source: (Guidants/Godmode Trader) & JFD Broker & Binance

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