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BITCOIN turning the Bull Flag into Support??

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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!

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