The post Bitcoin Price Forms Bullish Pennant On 3-Day Chart, $145,000 Target Swims Into View appeared on BitcoinEthereumNews.com.

Este artículo también está disponible en español. Although currently undergoing a brief correction after almost touching the $100,000 price level, technical analysis has shown the emergence of a bullish pattern on the Bitcoin price chart.  Notably, the correction has given rise to the formation of a bullish pennant on the 3-day candlestick Bitcoin price chart. This development might be the bullish momentum needed to eventually break past the $100,000 price threshold. However, the anticipated breakout is not just above $100,000, but a run that would send the cryptocurrency to $145,000. Bullish Pennant Emerges On Bitcoin Price Chart Recent price action in the past 24 hours has seen the Bitcoin price returning to the $96,000 price level after spending the majority of the week on a correction path. Particularly, this correction saw the Bitcoin price hitting a low of $91,000 as many traders took profit. Related Reading Notably, this back-and-forth movement of the BTC price has given rise to the formation of a small bull pennant. Crypto analyst Trader Tardigrade, known for his technical analyses, pointed out this formation on social media platform X. In his post, he stated, “Small Pennant Big Target,” while pointing to the formation on the 3-day candlestick Bitcoin price chart.  A bullish pennant is a continuation pattern that often emerges during strong uptrends. It begins with a sharp price movement (the flagpole), followed by a consolidation phase (the pennant), before potentially breaking out in the same direction as the initial trend.  The emergence of this bullish pennant on Bitcoin’s 3-day chart suggests that the cryptocurrency may be gearing up for another leg higher. However, the formation suggests that the Bitcoin price could still continue to consolidate for a while as the liquidity in the pennant is yet to be filled. Nonetheless, Trader Tardigrade’s analysis highlights the…

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Filed under: News - @ November 30, 2024 12:26 am