BTC target over $14k as monthly close holds Bull Flag formation continue

The price of BTC has declined in a year, even despite the recent trend recession following the breakdown of a trend pattern.

After three consecutive red monthly candles in a row, October closed the green and retained a possible bullish flag formation on the monthly price chart. Which led the bull to hope that the recovery of crypto assets of 2019 will not end completely.

Bullish BTC 2019 remembered

During the first quarter of the year, Bitcoin was trapped within a narrow trading range. Where major players began to fear that crypto retail investors buy and accumulate assets at the lowest possible prices.

As of the second quarter, the crypto asset for the first time rose above that trading range and made a parabolic recovery, which did not stop until Bitcoin encountered the former resistance of the bear market by $ 4,000, where it decreased. Was provided

A powerful rise of more than $10,000 revived in the crypto market, especially around Bitcoin, and formed a bullish flagpole that appears to be a bullish flag chart pattern.
Cryptocurrency traders often perform technical analyses to better predict price movements and trend changes, and a bullish flag is among the most common bullish chart patterns. The bullish flag is formed when recessive investors are overwhelmed by the purchase, which causes the asset to break the resistance and cause a massive rise. The flag is made from a series of FOMO purchases and a stop loss waterfall is hitting.

The powerful bitcoin parabolic rally formed a large flagpole, which was around $ 10,000 long. But after three consecutive monthly red candles in a row, which three black crows can reverse. The formation of the bull's flag was put at risk.
However, the daily close last night was also close to October, the first green candle since Bitcoin's short-term decline. The significant first planes also kept alive the formation of the Flag of the Bull. Which could be significantly higher if confirmed by an upside collapse.

Monthly target of Bull Flag formation over $14,000

The objective of the bull's flag is measured from the previous rupture of the resistance. Which goes to the top of the pole. The flagpole on the current structure of the monthly bull's flag was a $ 6,600 movement.

A break with current price levels would point to a flag survey exceeding $14,000. Where the asset encountered resistance strong enough to send the price of the asset down. A break above the previous high would be significant. And the first indication that Bitcoin was returning to a bull market after a short break to recover.
However, if this bullish flag is broken. The Bitcoin (BTC) downtrend will continue and is likely to be taken seriously, possibly sending the crypto asset back to an expanding bear market.