Explanation of Bullish Flag for Profit!

When you trade cryptocurrencies, you must have seen a flag pattern in the form of a bullish flag. You can use this flag pattern to identify the continuation of a market trend from a price movement chart.

Actually, there are two flag patterns, namely bearish and bullish. This time, VCGamers will discuss a flag pattern called the bullish flag so you can identify market price trends.

Also Read: Get to Know USDT, a Stable Asset in Crypto!

Bullish Flag

The bullish flag formation is an identification pattern on an asset with a strong uptrend and could be a good continuation pattern. As the name implies, this pattern resembles a flag on a pole.

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So, there is a price trend that will increase. The Bullish Flag indicates that there is buying pressure that makes the price rise. This pattern also indicates that the momentum will have an uptrend and continue.

The bullish flag consists of a flagpole and a flag. Thus, this pattern resembles a flag on a pole. The pattern forms after the price being traded experiences a sustained uptrend, making higher highs and lower lows.

The pattern resembles the letter F, as does the double top pattern which looks like the letter “M” and the double bottom pattern – the letter W.

Also Read: Get to know the Flag Pattern: Definition, Characteristics, and Types

Example of Bull Flags

The image above is an example of a bullish pattern. According to ThinkMarkets, the trend has a flagpole, the price of the asset should trade higher in a series of higher highs and lows.

Furthermore, there are flags, consolidation must occur between two parallel trend lines.

Finally, there is a Breakout, namely consolidation cannot last forever. A breakout to the upside activates the pattern, so a break of the support line invalidates the information.

Also Read: How to Read Crypto Candlesticks for Beginner Traders

Bullish Flag as Mainstay

Profit Bullish Flags — Crypto Trading illustration. Source: Kanchanara via Unsplash

You can get profit by identifying this flag pattern. According to Investopedia, flag patterns can usually be relied on by traders to make a profit.

This is because they can create setups to enter into an ongoing trend and be ready to have a continuation.

Flag formations are usually very similar in appearance and situations are also quite similar in ongoing trends.

If the bullish flag is accurate, the pattern will signal that the bull trend is continuing and the price will increase after the pattern is completed.

According to coindesk, you should avoid punting or betting on asset prices if the bull flag breaks out of bear flag breakout not supported by strong volume. Low volume moves usually end up trapping investors on the wrong side of the market.

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