Bitcoin Shows Double Bullish Confluence; Next Target: $50,000

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A confluence of two classic technical indicators suggests Bitcoin will hit $50,000 in the short-term. Dubbed as Bull Flag and Bull Pennant, both the patterns represent a period of consolidation after a strong uptrend, except with different structures. For instance, Bull Flags appear like downward sloping channels, wherein an asset moves lower while leaving behind a trail of higher lows and lower lows. Meanwhile, Bull Pennants look like a Symmetrical Triangle, wherein the price forms higher lows and lower highs until its upper and lower trendlines converge. Both indicators point to trend continuation, meaning an asset would likely breakout to the upside after exiting their ranges. The breakout’s length comes to be as higher as the flagpole’s height, i.e., the uptrend before the consolidation. Double Bullish Confluence Bitcoin is forming the two bullish patterns on its one-hour chart, with its previous flagpole’s length coming at $8,750. Therefore, the indicators note…

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