All through the weekend, we have seen the Bitcoin price range, and trade sideways in the 1-hour timeframe.
This ranging market is a result of little to no volume available to push prices through key levels. However, we believe that Bitcoin ranging period is about to end!
Right now, we are seeing a key Pennant Pattern forming in the 1-hour timeframe. This pattern is very important because it helps us better understand what the Bitcoin price is doing and what we can expect to see in the coming days.
In this Bitcoin analysis, we will be talking about this Pennant Pattern as well as the key levels and price scenarios we are currently watching out for in the Bitcoin 1-hour price chart.
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Bitcoin Ready To Breakout!
We believe the Bitcoin price is ready to break out from this key pattern. The price has compressed so much within this Pennant pattern that we expect to see a price breakout sooner or later, especially with new volatility and volume coming into the market at the start of the week.
The question now is what direction do we expect to see the Bitcoin price breakout in the coming days?
1) Bullish Price Scenario
For the Bitcoin bullish price scenario, we want to see the BTC price breakthrough the resistance level of the Pennant Pattern and continue to surge higher.
A bullish breakout like this in the 1-hour timeframe confirms the end of the ranging market and the start of a bullish move higher to at least the $30,561 price region.
2) Bearish Price Scenario
For the bearish price scenario, we are looking for a price break and close below the base support of the Pennant Pattern in the 1-hour timeframe.
A bearish breakdown like this is a confirmation that the price might be ready to continue moving lower for a bit more in the coming days.
Our bearish target for Pennant breakdown like this on Bitcoin is the $29,048 price region. This is the standard target for a pennant pattern and we expect to see the Bitcoin price get to this price region once it breaks down.
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