Bitcoin Price Pattern Hints at Short-Term Rally to $4K
Bitcoin has backed off 4 percent from three-week highs seen on Friday, but looks to have formed a bull flag – a bullish continuation pattern – on the 4-hour chart. A move above $3,630 would confirm a flag breakout and open the doors to $4,000 (target as per the measured move method). Acceptance below the lower edge of the flag, currently at $3,546 would weaken the short-term bullish case. That, however, looks unlikely, as the path of least resistance is to the higher side, according to Friday’s high-volume falling wedge breakout.
Bitcoin (BTC) is down 0.67% over the past 24 hours and is currently trading at $3,629.98 on Coinbase. BTC dominance is at 52.9% and the total cryptocurrency market cap is currently at $120.4 Billion.