The price consolidated for a short while but managed to begin rising again, completing the bull flag pattern. It shows a clear flagpole, a flag, and the following uptrend. It is a fragment of the BTCUSD price chart from the beginning of August 2021. Here’s an example of a simple bull flag chart continuation pattern. Pay close attention to all the signals and try to wait for the confirmation of the bullish trend before making any trading decisions if you’re not an experienced trader yet. It may seem that one can identify flag chart patterns without breaking a sweat, but they are actually quite tricky. This signals that the upward trend continues and that traders can enter long positions. It is usually made up of smaller back-and-forth price moves with continuously lower highs.Īfter a period of consolidation, traders will look for a breakout above the previous highs.
In order for it to be a bullish flag pattern, this flagpole has to be followed by the flag - a downward sloping consolidation period. The first step in identifying the bullish flag pattern is to recognize an upward trend (i.e., the flagpole).
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