Analysis: Flag price pattern suggests Bitcoin could rise after consolidation

According to on-chain data, Bitcoin's weekly MACD has been negative since April, but the price of Bitcoin has remained in a slightly downward sloping channel between $50,000 and $70,000, forming a "bull flag" pattern rather than a sharp downward trend, which contradicts the ongoing MACD signal. Indicator data shows that MACD has been bearish since the end of April, coupled with the flag price pattern, suggesting that there is bullish sentiment beneath the surface price behavior. It shows that sellers have failed to form a strong downtrend, and even during the panic selling in early August, they only suppressed prices to between $55,000 and $50,000. The long-term weakness of sellers means that the bull market may suddenly revive and usher in price increases. (Coindesk)