About That Massive Bitcoin Bull Flag

Are you one of the people talking about a bull flag on the daily chart?

Me too. I shared this in a recent post for my newsletter, Crypto is Easy. After a powerful uptrend, Bitcoin’s price went sideways and down in a roughly symmetrical way, then broke above the top “resistance” trendline.

A bull flag, as the traders say. Like so:

A textbook bull flag will not have consolidation circled above, and the trendlines would be parallel. Let’s not be sticklers for lines on a chart. Close enough is good enough.

Whether the flag is textbook or fudgy, we have a bullish break of resistance after consolidation. That’s bullish.

If you’re trading the markets, you can take a long position. This pattern works out about 2/3 of the time.

If you’re not trading the market, you can ignore it.

Shades of bull flags past

Do you want an even better bull flag in similar circumstances? When Bitcoin’s price had recently hit a new all-time high, HODLing had reached its peak, technical charts and cycle theories predicted glory, and everybody agreed the market would soon blast off?

You can look at the 2021 bull flag.