Bitcoin’s Bullish Pennant: Is a Breakout Imminent?
After a recent surge, Bitcoin may be running out of steam or preparing for a breakout from its bullish pennant formation. Despite a 29% increase in the past two weeks, the charts suggest that Bitcoin’s rally may not be over just yet.
The cryptocurrency is currently holding above its long-term channel and has been forming a bullish pennant over the past few days. The price has consistently respected the top and bottom edges of the pennant, indicating potential upward movement.
If Bitcoin breaks out from the pennant, a measured move could take it to $40,000. With Bitcoin nearing the end of the pennant, a breakout is expected either today or on Friday.
Momentum for the Next Week
The short-term momentum indicators are resetting to the bottom across various time frames, suggesting that momentum could build heading into next week. However, it’s important to remember that the market can move in any direction and risk management should always be prioritized.
Hot Take: Bitcoin’s Bullish Pennant Signals Potential Upside
Bitcoin’s recent bullish pennant formation indicates that a breakout may be imminent. With the price holding above its long-term channel and respecting the edges of the pennant, there is potential for further upward movement. If Bitcoin breaks out, it could reach $40,000. Traders should keep an eye on the market as momentum builds for next week, but always prioritize risk management as market direction can change unpredictably.
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