{"id":403098,"date":"2019-11-01T19:00:31","date_gmt":"2019-11-01T19:00:31","guid":{"rendered":"https:\/\/wncen.com\/?p=403098"},"modified":"2019-11-01T16:49:59","modified_gmt":"2019-11-01T16:49:59","slug":"bitcoin-monthly-close-keeps-bull-flag-formation-intact-target-over-14000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-monthly-close-keeps-bull-flag-formation-intact-target-over-14000\/","title":{"rendered":"Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\"><a href=\"\/tag\/bitcoin-price\" rel=\"nofollow\">Bitcoin price<\/a> has had a stellar year, even despite the recent trend turning bearish after a descending triangle pattern broke down. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">After three consecutive red monthly candles in a row, October closed green and kept a potential bull flag formation on monthly price charts intact, giving bulls hope that the crypto asset\u2019s 2019 rally isn\u2019t totally finished.<\/span><\/p>\n<h2>Bitcoin&#8217;s Bullish 2019 Remembered<\/h2>\n<p class=\"p1\"><span class=\"s1\">During the first quarter of the year, <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoi<\/a>n was trapped inside a tight trading range, where major players began buying the fear of retail crypto investors and accumulating the asset at the lowest possible prices.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Starting in the second quarter, the first-ever crypto asset rocketed up from that trading range, and went on a parabolic rally that didn\u2019t stop until Bitcoin met former bear market resistance at $14,000 where it was rejected.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">The powerful ascent to above $10,000 revived interest in the crypto market, especially around Bitcoin, and formed a towering flag pole to what appears to be a <a href=\"https:\/\/www.investopedia.com\/stock-analysis\/cotd\/answ20090105.aspx\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">bull flag chart pattern<\/a>.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/31\/make-it-or-break-it-time-for-bitcoin-rally-in-jeopardy-if-support-is-lost\/\">Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">Crypto traders often perform technical analysis to better predict price movements and trend changes, and a bull flag is among the most common bullish chart patterns. Bull flags form when bearish investors are overwhelmed by buying, causing the asset to break through resistance, causing a massive surge. The flag itself forms from a string of FOMO buying and a cascade of stop losses being hit.<\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">Bitcoin\u2019s powerful parabolic rally formed a massive bull flag pole, that\u2019s nearly $10,000 long. But after three consecutive red monthly candles in a row \u2013 which could be a three black crows reversal \u2013 the bull flag formation was put at risk.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> &#8211; still flagging on the monthly <a href=\"https:\/\/twitter.com\/hashtag\/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#bitcoin<\/a> chart with candle bodies holding in the channel&#8230; <a href=\"https:\/\/t.co\/HedhKweSwy\" rel=\"nofollow\">pic.twitter.com\/HedhKweSwy<\/a><\/p>\n<p>&mdash; BIG Chonis (@BigChonis) <a href=\"https:\/\/twitter.com\/BigChonis\/status\/72765184?ref_src=twsrc%5Etfw\" rel=\"nofollow\">November 1, 2019<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p class=\"p1\"><span class=\"s1\">However, last night\u2019s daily close was also the close of the October monthly, which was the first green candle since Bitcoin\u2019s short-term downtrend first began. The important close also kept the bull flag formation alive, which could have a target significantly higher if it confirms with an upward breakout.<\/span><\/p>\n<h2>Monthly Bull Flag Formation Targets Above $14,000<\/h2>\n<p class=\"p1\"><span class=\"s1\">Bull flags targets are measured from the previous breakout of resistance, all the way to the top of the pole. The flag pole on the current monthly bull flag structure was a $6,600 movement. <\/span><\/p>\n<p class=\"p1\"><span class=\"s1\">A breakout from current price levels would put the target of the flag pole at over $14,000 \u2013 where the asset last met strong enough resistance to send the price of the asset tumbling back down. A break above the former high would be significant, and the first sign that <a href=\"\/tag\/bitcoin\" rel=\"nofollow\">Bitcoin<\/a> was returning to a bull market after a short break into a downtrend for reaccumulation.<\/span><\/p>\n<p style=\"text-align: center\"><em><strong>Related Reading | <a href=\"https:\/\/wncen.com\/2019\/10\/29\/crypto-trader-bitcoin-price-may-not-break-all-time-high-until-2024\/\">Crypto Trader: Bitcoin Price May Not Break All-Time High Until 2024\u00a0<\/a><\/strong><\/em><\/p>\n<p class=\"p1\"><span class=\"s1\">However, if this bull flag breaks down, Bitcoin\u2019s downtrend will continue and likely pick up in severity, potentially sending the crypto asset back into an extended bear market.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price has had a stellar year, even despite the recent trend turning bearish after a descending triangle pattern broke down. After three consecutive red monthly candles in a row, October closed green and kept a potential bull flag formation on monthly price charts intact, giving bulls hope that the crypto asset\u2019s 2019 rally isn\u2019t totally finished. Bitcoin&#8217;s Bullish 2019 Remembered During the first quarter of the year, Bitcoin was trapped inside a tight trading range, where major players began buying the fear of retail crypto investors and accumulating the asset at the lowest possible prices. Starting in the second quarter, the first-ever crypto asset rocketed up from that trading range, and went on a parabolic rally that didn\u2019t stop until Bitcoin met former bear market resistance at $14,000 where it was rejected. The powerful ascent to above $10,000 revived interest in the crypto market, especially around Bitcoin, and formed a towering flag pole to what appears to be a bull flag chart pattern. Related Reading | Make It Or Break It Time For Bitcoin, Rally In Jeopardy If Support Is Lost Crypto traders often perform technical analysis to better predict price movements and trend changes, and a bull flag is among the most common bullish chart patterns. Bull flags form when bearish investors are overwhelmed by buying, causing the asset to break through resistance, causing a massive surge. The flag itself forms from a string of FOMO buying and a cascade of stop losses being hit. Bitcoin\u2019s powerful parabolic rally formed a massive bull flag pole, that\u2019s nearly $10,000 long. But after three consecutive red monthly candles in a row \u2013 which could be a three black crows reversal \u2013 the bull flag formation was put at risk. $BTC &#8211; still flagging on the monthly #bitcoin chart with candle bodies holding in the channel&#8230; pic.twitter.com\/HedhKweSwy &mdash; BIG Chonis (@BigChonis) November 1, 2019 However, last night\u2019s daily close was also the close of the October monthly, which was the first green candle since Bitcoin\u2019s short-term downtrend first began. The important close also kept the bull flag formation alive, which could have a target significantly higher if it confirms with an upward breakout. Monthly Bull Flag Formation Targets Above $14,000 Bull flags targets are measured from the previous breakout of resistance, all the way to the top of the pole. The flag pole on the current monthly bull flag structure was a $6,600 movement. A breakout from current price levels would put the target of the flag pole at over $14,000 \u2013 where the asset last met strong enough resistance to send the price of the asset tumbling back down. A break above the former high would be significant, and the first sign that Bitcoin was returning to a bull market after a short break into a downtrend for reaccumulation. Related Reading | Crypto Trader: Bitcoin Price May Not Break All-Time High Until 2024\u00a0 However, if this bull flag breaks down, Bitcoin\u2019s downtrend will continue and likely pick up in severity, potentially sending the crypto asset back into an extended bear market.<\/p>\n","protected":false},"author":517,"featured_media":403099,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,41828,53606,6664,4078],"class_list":["post-403098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-bull-flag","tag-chart-pattern","tag-crypto","tag-technical-analysis"],"acf":[],"yoast_head":"\n<title>Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000<\/title>\n<meta name=\"description\" content=\"Bitcoin price has had a stellar year, even despite the recent trend turning bearish after a descending triangle pattern broke down. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. 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His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \\\"The Bull\\\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. 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