BITCOIN turning the Bull Flag into Support?

[ed]

Bitcoin (BTCUSD) has been trading sideways, almost flat, since the July 03 High, supported by the 1D MA50 (blue trend-line).

Perhaps the strongest development of the week though is the fact that this consolidation has been taking place at the top (Lower Highs) of what we previously identified as a Bull Flag pattern.

Together with the 1D MA50, this Lower Highs trend-line forms a formidable Support, which as long as it holds, can technically fulfil the technical expectations out of this pattern and target the 2.0 Fibonacci extension at $168500.

Is this one step closer to our 'fair valued' $150k Target for this Cycle? Feel free to let us know in the comments section below!

---

** Please LIKE , FOLLOW , SHARE and COMMENT if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support us, keep the content here free and allow the idea to reach as many people as possible. **