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In our previous Bitcoin analysis BTC Building Up For A Quick Breakout! Watch This Key Pattern we talked about the Pennant Pattern that was forming in the 1-hour timeframe, the key levels we were watching, and what the pattern meant for the Bitcoin price in the short term.
Well, Bitcoin just broke out of that Pennant Pattern and is currently heading higher to our $30,561 bullish target.
In this Ethereum analysis, we will be breaking down the key levels the Bitcoin price must stay above for this bullish move to remain valid as well as the possible price scenarios we can expect in the coming days.
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Bitcoin To $30,561?
The bullish breakout from the Pennant Pattern is a great confirmation that indicates that the BTC price might be ready to move higher to our $30,561 target in the coming days.
However, for this bullish prediction to remain valid, we want to see the BTC price respect and continue to trade above that Pennant Pattern in the 1 -hour timeframe.
By trading above the Pennant Pattern, we convert that previous resistance to new support available for the BTC price to push higher from in the coming days.
Final Verdict!
Bitcoin just broke out of the Pennant Pattern to the upside in the 1-hour timeframe. But for this bullish rally to remain valid, the BTC price must continue to trade above the Pennant pattern.
A break back into the pattern only signifies weakness and a possibility of other less favorable price scenarios playing out.
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