BTC/USD Bullish Pennant Forming on 3D
Looking at the 3-day time frame of Bitcoin we can see that it formed a lower local high earlier this month than the cycle top found in April - May. From here, the price rejected and is now currently holding support around the $39,696 - $41,337 level. I'm expecting BTC to backtest the uptrend that caught at the $30,000 level after the 1st local high formed, which should be around the $36,000 price area. After BTC wicks this uptrend for the third touch and confirms it, the bounce will be fast back up to $44,000 where we will range before inevitably breaking out to the topside and creating new highs going into the new year and Q1 2022.
The targets after Bitcoin breaks out of this bullish pennant are the 2.618, 3.618, and 4.236 Fib levels. There is major resistance holding the price back up and creating new highs. Moves like this take a great time of accumulation and although there is an influx of new news such as venture capital raises and increasing DeFi users, Bitcoin needs the momentum only found after an extended period of accumulation.
There is also a scenario where Bitcoin pumps to $44,000 straight away and holds over the $40,000 psychological level and correcting a bit before ultimately breaking out to the topside of this bullish pennant and heading towards higher highs and possibly that grand finale $100,000 everybody is talking about.
Thanks for all your continued support and please let me know your thoughts!
The targets after Bitcoin breaks out of this bullish pennant are the 2.618, 3.618, and 4.236 Fib levels. There is major resistance holding the price back up and creating new highs. Moves like this take a great time of accumulation and although there is an influx of new news such as venture capital raises and increasing DeFi users, Bitcoin needs the momentum only found after an extended period of accumulation.
There is also a scenario where Bitcoin pumps to $44,000 straight away and holds over the $40,000 psychological level and correcting a bit before ultimately breaking out to the topside of this bullish pennant and heading towards higher highs and possibly that grand finale $100,000 everybody is talking about.
Thanks for all your continued support and please let me know your thoughts!
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