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Analysis: The pennant price pattern suggests that Bitcoin may rise after the consolidation period ends

Analysis: The pennant price pattern suggests that Bitcoin may rise after the consolidation period ends

Bitget2024/09/11 13:02

According to on-chain data, the weekly MACD of Bitcoin has been negative since April, but the price of Bitcoin has remained in a slightly downward sloping channel between $50,000 and $70,000, forming a "bull flag" pattern rather than a sharp downtrend. This contradicts the continuous MACD signal. Indicator data shows that since the end of April, the MACD has continued to be bearish. Coupled with the flag-shaped price pattern, it suggests bullish sentiment beneath surface price behavior. It indicates that sellers have failed to form a strong downtrend; even during panic selling in early August they only managed to suppress prices between $55,000 and $50,000. The long-term weakness of sellers implies that bull market may suddenly recover and welcome an increase in prices.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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