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Bitcoin May Be Forming a 'Bull Flag' on Price Chart: Technical Analysis
A bullish flag looks to be forming and would be completed on a breakout above $31,900, analysts at Fairlead Strategies said.
Bitcoin's recent price consolidation above $30,000 seems to be taking the shape of a technical analysis pattern called a "bull flag," a pattern that indicates a further rally is likely to be on the cards.
- "Bitcoin is digesting its gains in a consolidation phase. A bullish flag may be forming and would be completed on a breakout above the weekly [Ichimoku] cloud near $31,900," analysts at technical analysis research provider Fairlead Strategies wrote in a note to clients on Monday.
- A bull flag consists of a pole and a flag. The pole represents the initial price rally and the flag represents subsequent consolidation stemming from temporary exhaustion of bullish sentiment and the absence of strong selling pressure.
- According to technical analysis theory, once an asset has broken through the flag, it tends to rally an amount roughly equal to the length of the pole. A breakout is confirmed once the upper end of the flag is breached.
- In bitcoin's case, the move higher from the June 15 low of $24,770 to the June 23 high of $31,441 represents the pole, while the subsequent consolidation represents the flag.
- A potential BTC breakout from the flag would shift focus to the next resistance at $35,900, according to Fairlead.
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Farcaster Switches to Wallet-First Strategy to Grow Its Social App
The protocol still consists of casts, follows, reactions, identities and wallets, and third-party clients are free to emphasize whichever components they want.
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- Farcaster is shifting its focus from social media to its in-app wallet and trading features to drive user engagement.
- Cofounder Dan Romero acknowledged the lack of sustainable growth in their social-first strategy over the past 4.5 years.
- The wallet's trading tools have shown the strongest product-market fit, leading to a strategic pivot towards financial use cases.
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