In the weekend Bitcoin report, we highlighted that a potential break higher was being kept in check by both the downward trend and the important $39.6k level
formed off the September 21 swing low. This level also held fleetingly in mid-January before breaking sharply lower. This area should now act as a level of support if the market decides to turn lower.A look at the four-hour Bitcoin chart now shows another positive set-up with a bull flag being formed and played out. A full play out of this formation suggests that Bitcoin could rise to over $46k if the bottom of the flagpole is taken around $37.5k.
While the $43.5k level is worth watching for any reaction, a break and close above $44.5k would allow Bitcoin to complete the bull flag formation. The recent push higher in Bitcoin has sent it into overbought territory and this needs to be negated to allow BTC to push higher.The altcoin market is also pushing higher but their recent losses are still visible on the daily charts.
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