The previous bull flag, shown in white in the above chart, coincided with a golden cross and led to a new all-time high for Bitcoin. Many people were suggesting that a correction will follow after Bitcoin hits a new high. Well, if one wants to call a drop from $65k to $55k a correction, then so be it. I see it more as a consolidation and the formation of a new bull flag, as shown in yellow.
A consolidation after new ATHs means Bitcoin is finding decent takers and support at $60k levels. That is indeed a good thing. The pattern being formed is also bullish and implies that Bitcoin is probably going to try and attempt a push towards new ATH pretty soon. RSI levels have eased off implying that any signs of excessiveness have been abated. Volumes have been relatively low and that means bears lack the strength to stall the progress of Bitcoin. All in all, technically and fundamentally, Bitcoin looks bullish and well poised to head towards the moon again.
If one looks at other risk markets, they all support the above notion. Equities rallied to hit new ATHs as well and investors are clearly in risk-on mode. Commodities have rallied in the recent weeks and Gold, US Dollar and Treasuries are all trending to show signs of weakness. Apart from crypto enthusiasts, investors should pile on cryptocurrency risk, given favourable global macro trends.
Bitcoin looks all good, but I hope to see new highs for Leo and Hive too, especially Leo. The token took off very well initially but all the progress that is being made is not being seen in the price of the token I feel. Hope things change pretty soon.