A BTC bull pennant breakout could target the $15,000 region in the near-term as today the price went well above the $13,100 after the overnight plunge went through the $13,000 as we are reading more in today’s bitcoin latest news.
The rebound from support could be enough momentum to push the asset higher to the $15,000 with a current price action which is still developing. The BTC bull pennant breakout is preparing the asset for another run at $15,000 as the price retested the highs around $13,200 after the bulls held an important retest of support at the $13,000 overnight. The leading cryptocurrency by market cap closed the highest weekly candle since the bear market started but the close started to crash right after.
Bulls were able to hold strong overnight which led to a renewed confidence on a Monday morning. Last week, the cryptocurrency made a strong intraday bullish impulse which led to a $1,000 daily increase. After hitting the resistance from 2019, Bitcoin was consolidating in what seems to be a bull pennant chart formation. The bullish chart patterns are characterized by a long pole moving upwards after the symmetrical triangle-like pattern which formed the pennant. When the converging price action breaks out, another similar-sized move around the same height as the initial pole follows most of the time.
Bitcoin attempted a breakout on Saturday night, but failed and was pushed back right into the structure. This morning, however, the breakout that led the asset pumping $300 in a flash, has now retraced and seems to be holding. If the retest holds, the bull pennant could confirm and Bitcoin could start trading at $15,000 within just days to a week away. It was also just a few days away from setting a new all-time high in terms of monthly candle close if the cryptocurrency is able to confirm the month at the $13,950 range.
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