FX.co ★ Bearish pattern in Bitcoin?

Has Bitcoin formed a bearish flag pattern? If this is the case, a break below $39,000 would be a major bearish signal. Bitcoin for the last couple of months has made no real progress after bottoming at the end of January around $32,800.

Blue lines -bearish flag

Bitcoin is close to the bearish flag lower boundary. Price has exited the bearish channel it was in but the upside react has been mild and not as strong as we expected. Bulls find it difficult to recapture $45,000-$50,000. This is a sign of weakness. If followed by a break below $39,000 then we should should expect $30,000 to be challenged.