Bullish flag suggests more upside. Buy target at 53,000, stop-loss at 50,000. Sell-stop at 51,000, take-profit at 50,000, stop-loss at 52,000.

Bullish view

• Buy the BTC/USD pair and set a take-profit at 53,000.
• Add a stop-loss at 50,000.
• Timeline: 1-2 days.

Bearish view

• Set a sell-stop at 51,000 and a take-profit at 50,000.
• Add a stop-loss at 52,000.

(Click on image to enlarge)

The BTC/USD pair moved sideways on Monday as traders waited for the next important news in the industry. Bitcoin was trading at $52,000, a few points below the year-to-date high of $53,000. This pause is common after BTC makes a strong move as it has done in the past few weeks when it rose from $38,500 to $53,000.

Bitcoin consolidation continues

The BTC/USD continued to consolidate even as an upbeat happened in the financial market, with the fear and greed index jumping to the extreme greed zone. Some of the top global stock indices have jumped to their all-time highs.

They include indices like Japan’s Nikkei 225 and Topix, Europe’s Stoxx 50, and US’s Nasdaq 100 and S&P 500. Most of the gains in US equities last week happened after the strong Nvidia earnings, which showed that there was strong demand for artificial intelligence.

Bitcoin’s performance is a sign that it is losing its correlation with American equities. In the past, the two assets tend to move in the same direction.

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