Is Bitcoin Forming a Bull Flag? $90K Target Coming Into Play

What could be a bull flag is starting to form at the top of the amazing price surge that took place on Wednesday and into Friday of last week. Should this bull flag be confirmed and a breakout happens, $90K could be the eventual target. 

Bull flag forming?

Source: TradingView

Looking at the short-term time frame chart above, it can be seen that the $BTC price hit a local high of $79,500 before falling back quite sharply to $76,700. Since then the bulls have regrouped, and the pattern that is starting to emerge looks very much like a classic bull flag.

This type of pattern usually has the price going sideways and lower within the confines of a flag structure until there is a breakout, which would normally issue from the top of the pattern.

However, for a bull flag to be confirmed there would typically be at least three touches to the top of the flag, and three to the bottom. As can be noted, the price action is lacking in this requirement so far, although with some more sideways and downward chop the pattern can eventually be completed.

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