BTC is trading around 118,880, consolidating tightly within a large bull pennant pattern after a significant upward thrust. The market is showing signs of indecision as the price range tightens, suggesting a volatile move is on the horizon.
The 4-hour chart clearly shows a symmetrical triangle forming, which, following the strong prior uptrend, constitutes a classic bull pennant. This is a bullish continuation pattern, indicating that the upward momentum is likely to resume after this period of consolidation.
📈 Key Levels:
Resistance: ~121,000 (Upper Trendline)
Support: ~117,000 (Lower Trendline)
🎯 Buy Zone: On a confirmed breakout above 121,500 or a dip entry near 117,500.
🛡 Stop Loss: Below 116,500.
🎯 Target 1: 123,500 (Previous High).
🎯 Target 2: 125,000 and higher.
🔥 My Take: The setup looks strongly bullish. If BTC can break and hold above the pennant's upper trendline, bulls will likely take full control, potentially triggering a sharp rally toward the previous highs. A break below the lower trendline support would invalidate this bullish outlook.
