Table of Contents
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.
To trade ETH with leverage, sign-up to Bybit right now! Bybit’s BIGGEST Deposit Bonus Campaign is now live! First-time depositors can get up to a $4,100 Bonus when you sign-up and fund your Bybit account with our Bybit link.
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.
Easy Steps From Beginner To Pro Crypto Trader
You can speed up your learning journey by reading our How To Trade Bitcoin Guide. This guide is the best for crypto traders who wants to get familiar with the basics of Bitcoin trading. You can also check out our top list of Best Bitcoin Exchanges To Trade With.
PrimeXBT Covesting: Trade Hassel Free
Sign-up on PrimeXBT today to trade Bitcoin hassle-free. You can copy experienced traders and access hundreds of different strategies on the platform! Don’t forget to claim your 25% bonus by using the promo code “bitcoinsensus50” when you sign-up with our link PrimeXBT Covesting
