RATE Group | Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000
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Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000

01 Nov Bitcoin Monthly Close Keeps Bull Flag Formation Intact, Target Over $14,000

Posted at 19:22h in Bitcoin News by

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Bitcoin price has had a stellar year, even despite the recent trend turning bearish after a descending triangle pattern broke down.

After three consecutive red monthly candles in a row, October closed green and kept a potential bull flag formation on monthly price charts intact, giving bulls hope that the crypto asset’s 2019 rally isn’t totally finished.

Bitcoin’s Bullish 2019 Remembered

During the first quarter of the year, Bitcoin was trapped inside a tight trading range, where major players began buying the fear of retail crypto investors and accumulating the asset at the lowest possible prices.

Starting in the second quarter, the first-ever crypto asset rocketed up from that trading range, and went on a parabolic rally that didn’t stop until Bitcoin met former bear market resistance at $14,000 where it was rejected.

The powerful ascent to above $10,000 revived interest in the crypto market, especially around Bitcoin, and formed a towering flag pole to what appears to be a

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