BTCUSD: This is just a huge Bull Flag on the way to 200k

Oct 24

Bitcoin just turned borderline bullish on its 1W technical outlook (RSI = 57.457, MACD = 2355.100, ADX = 20.299), which is very positive long term as the buyers are making their presence felt for the first time since March. Supported by the 1W MA50, it is a huge development that the 1W MACD has formed a Bullish Cross. The same set of formations occurred in April 2020. We believe the two patterns to be similar and this makes the 7 month Megaphone just a mid Cycle Bull Flag. The 2020 pattern peaked on the 2.0 Fibonacci extension. If that is replicated, then Bitcoin can break 200k by the end of 2025 (TP = 215,000).


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