BTC 12h chart (BYBIT)

After ten days of consolidation, BITCOIN price is ready for a stronger move. Considering the last strong bullish development of the main indices like US100 and S&P500, we can conclude that is a big chance for the Bitcoin price to follow the markets and possibly move higher.

Lets analyze the current status of Bitcoin price and try to project the next move and key targets.

For now, looking at the 12h chart, we can see that Bitcoin price painted a big bearish flag. 

After a modest rejection by the top of the flag (52915), price has consolidated sideways keeping getting a rejection by the red fib. circle of resistance. As long as price remains bellow this circle, bears have a chance to pull back the price down for a retest of 50500 level of superficial diagonal of support. Loosing the 50500 level, Bitcoin price can face an accelerated sale and target the median of the flag (red dotted diagonal). 

For a bullish output, buyers must push the price above the red fib. circle of resistance and flip it in support. As well I would prefer to se the Bitcoin price trading on the upper part of the current local range and move above 52800 level. If the bulls will manage to reclaim 52850 level, next strong resistance is again at the top of the flag (currently at 54230), and upper at the 58300-56000 range.

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In conclusion,
Bitcoin price is at a key resistance level of 51700-51900. 
Breaking above this level and flip it in support, price have a chance to move up into the 54000-54400 area.
Failing to move above the 51700-51900 level of resistance, bears have a chance to push the price lower even under 50000, into the green channel of support (48000-49079)
If this bearish flag will play out, we might see the 32000 level revisited in the next weeks or months.
Right now, many traders are very confident that the Bitcoin price will skyrocket with the halving. Usually markets like to do the opposite first so keep that in mind as well.

Note: Check your broker chart and see the price level difference. This is just my opinion and it is not meant to be a signal or financial advice. Trade safe and manage your risk.

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