Bitcoin decisively broke through the resistance it previously faced at $7,200
It now appears that BTC broke out of a bullish pennant that could help push it higher in the days and weeks ahead
This pennant now has serious “coiled power” as bulls were able to spark a movement within a key timeframe.
After recapturing its position within the lower-$7,000 region, Bitcoin bulls have been able to post a massive breakout rally that sent the crypto surging to the mid-$7,000 region.
The benchmark cryptocurrency has now broken out of key level that previously proved to be incredibly important during its last bout of trading within its current price region.
There is also one emerging technical pattern that could help further boost BTC in the days ahead, as it now appears that bulls were able to confirm its “coiled power.”
Bitcoin Sees Explosive Rally as Analysts Eye Move to $8,000
At the time of writing, Bitcoin is trading up just under 5% at its current price of $7,440, up from daily lows of just under $7,000 that were set yesterday.
This movement past $7,200 came about suddenly after the crypto experienced a bout of sideways trading around this level for the past couple of days.
One analyst stated in a recent tweet that a decisive break and hold above this level could lead the cryptocurrency up to $8,000, and this morning’s intense movement seems to suggest that this will be Bitcoin’s next upside target.
“Reclaiming $7,100 and I’ll assume we’ll be testing $7,600-8,000. Might see a drop towards $6,900 as massive pivot. Holding there = aiming for longs. Losing and I’ll be targeting $6,600,” he said while pointing to the below chart.
Image Courtesy of Crypto Michael
BTC Makes Big Push Just in Time: Confirms Technical Pattern’s “Coiled Power”
This latest push higher has come just in time, as one trader was previously noting that bulls were running out of time to confirm a highly bullish technical pennant that it was forming. This breakout confirms this pattern and appears to open the gates for Bitcoin to “explode” higher.
The previous timeline on this move was rather short, as he noted that it had to be made by April 26th in order for it to bolster BTC
“I’ll take the risk & go long to 8k if it looks like we’re about to explode. Looking for a retrace, quick buyback, & 4th attempt at upper trendline (typically when breakouts occur). Hop in around here. Breakout required before April 26th or pennant loses its coiled power,” the analyst noted.
Image Courtesy of Chase_NL
The confirmation of this pattern combined with the bullish reaction to $7,100 does seem to suggest that a movement to the $8,000 region is imminent.
Featured image from Unsplash. origin »
Technical analysis predicts Bitcoin could reach $158,000, supported by bull pennant pattern and rising RSI levels.
The post Bitcoin’s $150K price target returns as BTC breaks out of bull pennant appeared first on Crypto Briefing.
Bitcoin’s YTD performance exceeds 80% Investors were betting on a pennant formation in March The 28k level invalidates the bullish formation Bitcoin price bounced from the 2022 lows right from the start of 2023.
Bitcoin is forming a bearish pennant pattern
Bitcoin’s open interest in the derivatives market dropped substantially last week
Bitcoin has kicked off this week with a return of sell presThe post Bitcoin's [BTC] bearish pennant has some tips for its long-term holders appeared first on AMBCrypto.
Bitcoin’s price is being put to the sword; or rather the pennant. Not less than 3 months ago, Bitcoin broke the $13,000 mark and the price looked to eclipse every obstacle in sight. June 2019 was a defining month for the cryptocurrency market, both in foresight and hindsight.
The king coin, days after double-dipping its 100-day moving average, is chocked under the margin of $10,500. Following the massive drop from $10,800 on 6 September, Bitcoin has been rebounding from resistance after resistance and now looks to move outward.
Following days of consolidation Bitcoin has reached the end of its pennant formation. The big move that many analysts had expected came a few hours ago, and it was followed by a second slide resulting in a drop towards critical support levels.
As predicted, a big movement came for bitcoin following a week of consolidation. Analysts have been mixed all week but those that leaned towards bearish were right as the king of crypto plunged back into four figures a few hours ago.
A recent break-down out of the asymmetrical triangle mentioned in my previous BTC analysis looks poised to continue down to support levels below $11,000. Bitcoin price levels hold above $11,000 for now but the low volume could cause this support to break.
Bitcoin sentiment is still very much bullish as price levels increase $2,000 since the beginning of August. On the charts we can now see a bullish pennant has formed which could be foreshadowing an imminent breakout to the next resistance above at $12,400.
Bitcoin is one step away from testing $6,700 as support, according to prominent analyst DonAlt. The crypto trader on Monday measured the current bitcoin bias on a three-day timeframe, believing it gave better clarity about the cryptocurrency’s expected price behavior.
Bitcoin whales are attempting to shake out emotional traders today, as the price finds itself back on the main support of a bullish pennant pattern. Will HODL’ers be able to hold their nerves at this critical time, or will panic selling force BTC out of the pennant? Let’s take a look.
It appears that our forecasted price action from the last Bitcoin price analysis has played out successfully. So, we’re going to go ahead and look at Bitcoin for the future going forward. Bitcoin Price Analysis We’re going to start with the daily resolution.
Bitcoin price analysis is showing BTC/USD consolidating inside a pennant pattern, but which way will it break after being rejected at $8,300? Bitcoin price (BTC) has had a wild ride over the last 7 days, printing a new YTD-high at $8,388, experiencing a heavy flash crash the following day, only to then recover back above $8,000 again.
The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:Figure 1: BTC-USD, Hourly Candles, Consolidating PennantThe pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.
Bitcoin is still hitting a roadblock at the $4,100 area but is forming higher lows to signal that bulls are trying harder. This appears to be a bullish pennant formation, with a break past the. .
Another week, another low. Bitcoin’s market has been bleeding relentlessly for weeks and now, after falling 50% in value in just one month, the market has managed to break south of a major bearish consolidation pattern called a bear pennant:Figure 1: BTC-USD, 4-Hour Candles, Bear Pennant BreakoutThis is a massive bear pennant with a staggering $2,000 measured move.
Much like the rest of the crypto market, ether has found itself devalued by more than 90% since its all-time high of $1,400 back in December of 2017. And now, almost a year later, ether sits just above $100 on what appears to be shaky ground during its latest round of selling over the last few weeks:Figure 1: ETH-USD, Daily Candles, Rapid DescentSimilar to bitcoin’s movement discussed in yesterday’s article, ETH-USD experienced a parabolic growth profile during its bull run.
Nothing in this article is to be construed as investment advice. Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses incurred as a result of this information.
Bitcoin (BTC)’s breakout from this point forward is inevitable. The price has been consolidating in a bullish pennant since last month. No investor or analyst who draws bullish pennants like these on a chart presents a bearish case.
Key Points Bitcoin cash price extended gains above the $550 resistance and traded towards $600 against the US Dollar. There was a break above a bullish pennant pattern with resistance at $522 on the hourly chart of the BCH/USD pair (data feed from Kraken).
When we last discussed the ETH-USD pair, the price was testing support in the mid $200 range. Since then, the market has dropped another 30% as ether tests the waters in the upper $190 range:Figure 1: ETH-USD, 1-Day Candles, Macro TrendThe volume on the current drop has been exceptionally high compared to the beginning of its descent from the $800s.
Bitcoin Price Key Highlights Bitcoin price continues to tread sideways in tight consolidation, and bulls might need to gather more energy on a correction. Applying the Fibonacci retracement tool shows the potential support zones where more buyers might be waiting.
Bitcoin mining is now a highly competitive industry that’s not just expensive but technology-intensive as well. Individuals interested in joining the growing mining industry must invest in a specialized computer system, steady internet, reliable energy supply, and a good amount of skill to manage the process.
Bitcoin (BTC) is under significant pressure after experiencing a substantial 14% retrace from $65,103 to $55,602. This downturn is occurring amidst a climate of fear and uncertainty impacting both the cryptocurrency and US stock markets.
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