📊 Bitcoin (BTC/USD) 4-Hour Chart – Bullish Pennant Formation
Bitcoin (BTC) forming a bullish pennant pattern on the 4-hour timeframe.
A bullish pennant often appears after a strong upward move, followed by a period of consolidation, and usually signals a continuation to the upside.
🔍 Key Highlights:
Pattern: Bullish Pennant – a continuation pattern that forms after a strong rally (flagpole), followed by a tightening price range.
Resistance Trendline: The upper black line showing lower highs — where price has repeatedly faced selling pressure.
Support Trendline: The lower black line showing higher lows — where buyers have been stepping in.
Breakout Zone: Price is nearing the apex of the pennant. A breakout above the resistance line would likely confirm the bullish move.
Target Projection: If the breakout is successful, the target is around $123,960, based on the height of the flagpole.
Breakout and Retest: The chart also shows a possible retest of the trendline after breakout, which is common and can offer a second entry point for traders.
Volume Watch: A valid breakout usually comes with increased volume. Monitoring this can help confirm the move.
📉 Downside Possibility:
If the price fails to break out and falls below the support trendline, it could invalidate the pattern and lead to a bearish move — possibly retesting the $110,000 area.
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The market is at a decision point. If BTC breaks above the resistance and retests successfully, it could push toward $123K. However, traders should watch for both breakout confirmation and false moves.
Bitcoin (BTC) forming a bullish pennant pattern on the 4-hour timeframe.
A bullish pennant often appears after a strong upward move, followed by a period of consolidation, and usually signals a continuation to the upside.
🔍 Key Highlights:
Pattern: Bullish Pennant – a continuation pattern that forms after a strong rally (flagpole), followed by a tightening price range.
Resistance Trendline: The upper black line showing lower highs — where price has repeatedly faced selling pressure.
Support Trendline: The lower black line showing higher lows — where buyers have been stepping in.
Breakout Zone: Price is nearing the apex of the pennant. A breakout above the resistance line would likely confirm the bullish move.
Target Projection: If the breakout is successful, the target is around $123,960, based on the height of the flagpole.
Breakout and Retest: The chart also shows a possible retest of the trendline after breakout, which is common and can offer a second entry point for traders.
Volume Watch: A valid breakout usually comes with increased volume. Monitoring this can help confirm the move.
📉 Downside Possibility:
If the price fails to break out and falls below the support trendline, it could invalidate the pattern and lead to a bearish move — possibly retesting the $110,000 area.
---
The market is at a decision point. If BTC breaks above the resistance and retests successfully, it could push toward $123K. However, traders should watch for both breakout confirmation and false moves.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
📈 For More Setups & Updates —
🚀 Join our Telegram Channel!
👉 t.me/+vWVmX9cov69kNTU1
🚀 Join our Telegram Channel!
👉 t.me/+vWVmX9cov69kNTU1
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.