Bullish Pennant Forming
However, the charts might be suggesting that bitcoin hasn’t finished its rally quite yet. Bitcoin is holding nicely above its long term channel and for the shorter time frame a bullish pennant has been forming over the last couple of days.
As can be seen in the image above, the bitcoin price has respected the top and bottom edges of the pennant, and at least three touches have been made at the top and bottom. A measured move to the upside, if this is indeed where bitcoin breaks out, would see a possible move to $40,000.
At time of going to press, bitcoin has made another touch to the bottom of the bull pennant and is heading back to the top. Given that bitcoin is running out of room in the pennant, a breakout should come later today or potentially on Friday.
REACH OUT TO JENNYWILSONFX ON I•G for proper guidance ...
However, the charts might be suggesting that bitcoin hasn’t finished its rally quite yet. Bitcoin is holding nicely above its long term channel and for the shorter time frame a bullish pennant has been forming over the last couple of days.
As can be seen in the image above, the bitcoin price has respected the top and bottom edges of the pennant, and at least three touches have been made at the top and bottom. A measured move to the upside, if this is indeed where bitcoin breaks out, would see a possible move to $40,000.
At time of going to press, bitcoin has made another touch to the bottom of the bull pennant and is heading back to the top. Given that bitcoin is running out of room in the pennant, a breakout should come later today or potentially on Friday.
REACH OUT TO JENNYWILSONFX ON I•G for proper guidance ...