{"id":472552,"date":"2021-09-27T20:00:05","date_gmt":"2021-09-27T20:00:05","guid":{"rendered":"https:\/\/wncen.com\/?p=472552"},"modified":"2024-06-11T09:23:23","modified_gmt":"2024-06-11T09:23:23","slug":"bitcoin-bull-flag-psychology","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bull-flag-psychology\/","title":{"rendered":"Could A Bitcoin Bull Flag Leave Bears Blindsided?"},"content":{"rendered":"

Bitcoin price is at a crossroads<\/a>, either ready to fall into the troughs of a bear market, or blast off and show the world the bull run has yet to officially end. But which is it? No one truly knows, but a technical pattern and the psychology behind it could reveal the potential outcome ahead of time.<\/p>\n

Could a potential bull flag forming on daily timeframes confirm, and lead to what is ultimately the checkered flag of the current market cycle? Let’s examine the bullish chart pattern.<\/p>\n

What Is A Bull Flag? Bitcoin Price Pattern Targets New All-Time Highs<\/h2>\n

Technical analysis<\/a> is the study of chart patterns, sequences, candlesticks, indicators, oscillators and more. The study is used to improve profitability by using statistics to increase probabilities of results. This can vary from finding price targets to sell assets, or finding support and resistance.<\/p>\n

A bull flag<\/a> is a bullish chart pattern and there is potentially one forming on the daily BTCUSD price chart. It is hard to say that Bitcoin price action is bullish right now, considering it was trading at $65,000 only a few months ago, but the pattern fits the shape.<\/p>\n

Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support<\/a><\/i><\/b><\/p>\n

The pattern is characterized by a long sharp move that creates a flag “pole” followed by consolidation within a channel which represents the flag itself. Bull flags are often found slanting slighting downward, as the pattern gives bears the false sense they are winning, which results in an even sharper move higher when these traders realized they were wrong.<\/p>\n

\"\"<\/p>\n

Will the bull flag pattern confirm? | Source: CME BTC1! on TradingView.com<\/a><\/pre>\n
The Psychology Behind The Chart Pattern Breakout<\/h2>\n
Bears sure seem to be in charge of Bitcoin price action as of late, but bulls could be preparing to blindside bears<\/a> with a breakout of the bull flag pattern and short squeeze.<\/p>\n
The psychology of the bull flag is the perfect setup: A pole is caused by bullish buying and shorts covering. At the local high, price repeatedly is rejected making lower highs and lower lows. Bears celebrate and but become complacent, even adding to losing short positions.<\/p>\n
Related Reading | Why Bitcoin Bears Might Not Get To Buy New Lows<\/a><\/i><\/b><\/p>\n
When bulls gain the upper hand, the resulting breakout is often even stronger than the pole itself, because more shorts have piled on who cover, combined with any incorrect positions that have accumulated during the pattern itself.<\/p>\n
Bitcoin price is currently at $43,000, and if the pattern is valid, based on the measure rule the target would be closer to $82,000<\/a>. Serious momentum from buyers and shorts covering both would be necessary to restart such a powerful trend.<\/p>\n
Doubling in value from one price pattern alone would be shocking for bears and bulls alike, but it would be accurate based on a variety of factors. For example, the bull flag is touching down on what could be a parabolic base three, or an Elliott Wave impulse wave five<\/a> just beginning. It also could be one big trap for Bitcoin bulls who could get caught in further downside.<\/p>\n
Follow <\/i><\/b>@TonySpilotroBTC on Twitter<\/i><\/b><\/a> or via <\/i><\/b>the TonyTradesBTC Telegram<\/i><\/b><\/a>. Content is\u00a0educational and should not be\u00a0considered investment advice.<\/i><\/b><\/p>\n
Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is at a crossroads, either ready to fall into the troughs of a bear market, or blast off and show the world the bull run has yet to officially end. But which is it? No one truly knows, but a technical pattern and the psychology behind it could reveal the potential outcome ahead of time. Could a potential bull flag forming on daily timeframes confirm, and lead to what is ultimately the checkered flag of the current market cycle? Let’s examine the bullish chart pattern. What Is A Bull Flag? Bitcoin Price Pattern Targets New All-Time Highs Technical analysis is the study of chart patterns, sequences, candlesticks, indicators, oscillators and more. The study is used to improve profitability by using statistics to increase probabilities of results. This can vary from finding price targets to sell assets, or finding support and resistance. A bull flag is a bullish chart pattern and there is potentially one forming on the daily BTCUSD price chart. It is hard to say that Bitcoin price action is bullish right now, considering it was trading at $65,000 only a few months ago, but the pattern fits the shape. Related Reading | Build Base Or Bust? Bitcoin Touches Down On Parabolic Support The pattern is characterized by a long sharp move that creates a flag “pole” followed by consolidation within a channel which represents the flag itself. Bull flags are often found slanting slighting downward, as the pattern gives bears the false sense they are winning, which results in an even sharper move higher when these traders realized they were wrong. Will the bull flag pattern confirm? | Source: CME BTC1! on TradingView.com The Psychology Behind The Chart Pattern Breakout Bears sure seem to be in charge of Bitcoin price action as of late, but bulls could be preparing to blindside bears with a breakout of the bull flag pattern and short squeeze. The psychology of the bull flag is the perfect setup: A pole is caused by bullish buying and shorts covering. At the local high, price repeatedly is rejected making lower highs and lower lows. Bears celebrate and but become complacent, even adding to losing short positions. Related Reading | Why Bitcoin Bears Might Not Get To Buy New Lows When bulls gain the upper hand, the resulting breakout is often even stronger than the pole itself, because more shorts have piled on who cover, combined with any incorrect positions that have accumulated during the pattern itself. Bitcoin price is currently at $43,000, and if the pattern is valid, based on the measure rule the target would be closer to $82,000. Serious momentum from buyers and shorts covering both would be necessary to restart such a powerful trend. Doubling in value from one price pattern alone would be shocking for bears and bulls alike, but it would be accurate based on a variety of factors. For example, the bull flag is touching down on what could be a parabolic base three, or an Elliott Wave impulse wave five just beginning. It also could be one big trap for Bitcoin bulls who could get caught in further downside. Follow @TonySpilotroBTC on Twitter or via the TonyTradesBTC Telegram. Content is\u00a0educational and should not be\u00a0considered investment advice. Featured image from iStockPhoto, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":472584,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144,84372],"class_list":["post-472552","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt-xbt"],"acf":[],"yoast_head":"\nCould A Bitcoin Bull Flag Leave Bears Blindsided?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is at a crossroads, either ready to fall into the troughs of a bear market, or blast off and show the world the bull run has yet to\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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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. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. 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. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Could A Bitcoin Bull Flag Leave Bears Blindsided?","url":"http:\/\/wncen.com\/news\/bitcoin-bull-flag-psychology\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bull-flag-psychology\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-bull-flagiStock-1001264264.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-bull-flagiStock-1001264264.jpeg?fit=1256%2C835"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt.xbt"],"dateCreated":"2021-09-27T20:00:05Z","datePublished":"2021-09-27T20:00:05Z","dateModified":"2024-06-11T09:23:23Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Could A Bitcoin Bull Flag Leave Bears Blindsided?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-flag-psychology\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bull-flag-psychology\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-bull-flagiStock-1001264264.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/09\\\/bitcoin-bull-flagiStock-1001264264.jpeg?fit=1256%2C835\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt.xbt\"],\"dateCreated\":\"2021-09-27T20:00:05Z\",\"datePublished\":\"2021-09-27T20:00:05Z\",\"dateModified\":\"2024-06-11T09:23:23Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/09\/bitcoin-bull-flagiStock-1001264264.jpeg?fit=1256%2C835","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472552"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=472552"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/472552\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/472584"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=472552"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=472552"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=472552"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}