Bitcoin Technical Analysis: Imminent Reversal

In today’s Bitcoin technical analysis, we observe that the digital gold is trading within the bullish flag pattern. The pair has shown a positive reaction to the lower band of the flag, and the bulls are currently testing the pivotal level of $36,712. A breakthrough of this level could intensify the uptrend momentum, setting the next bullish target at R1 ($38,665).

Bitcoin Technical Analysis – Daily Chart

Conversely, the S1 level serves as a support to the bullish scenario. Should this level be breached, the decline that began on November 16 might extend to S2, which is situated around $33,483.