Matrixport: Bitcoin tests key downward trend line, bull flag pattern gradually establishes

ChainCatcher message, Matrixport released a daily chart analysis stating that Bitcoin is approaching a breakthrough of a key downward trend line, which has been suppressing prices since the market sell-off around Trump's inauguration. Currently, Bitcoin is forming a "high tight flag," a technical pattern typically seen as a bullish continuation pattern.

At present, Bitcoin has broken through the initial downward trend line (white line) and is testing a more significant resistance level (gray line). If it can successfully break through, it will signal a significant alleviation of downside risks. Coupled with the dovish tone of the Federal Reserve's FOMC meeting, the market environment is becoming increasingly favorable, and this change is being increasingly validated on the technical front.