The Bitcoin price has experienced a notable increase of over 4% in the last 12 hours, marking a departure from the recent lull. This movement follows a bull pennant breakout, with the price of Bitcoin now aiming for the $55,000 mark. The 4-hour (BTC/USD) chart below shows Bitcoin trading at $44,609, having just breached the confines of a bullish pennant pattern—a bullish continuation signal frequently followed by an upward price trajectory. What This Means For Bitcoin Price The pennant, which is characterized by converging trend lines following a substantial price move, signifies a pause in trading before the market resumes its prior uptrend. The breakout from the pennant suggests a continuation of the bullish trend with a potential target that is often extrapolated from the length of the prior move, known as the flagpole, which initiated the pennant formation. Related Reading: Bitcoin Miner Reserves Drop To June 2021 Levels, What This Means For Price Looking at the moving averages, Bitcoin has displayed a golden cross pattern, with the 20-period EMA (currently at $43,389) ascending above the 50-period EMA (currently at ..
Support the originator by clicking the read the rest link below.
