Based on $BTC daily chart

Observations:

1. Price Movement:

• Bitcoin recently experienced a strong bullish trend, reaching a high of 99,588.01.

• After the peak, the price has started to consolidate, forming lower highs while maintaining support near the 90,000–92,000 level.

2. Key Moving Averages:

• The EMA (5) is sloping downward slightly, indicating short-term bearish pressure.

• The EMA (20) is acting as strong dynamic support around 90,360, which aligns with the consolidation zone.

• The EMA (200) is far below at 67,592, reflecting long-term bullish momentum.

3. Indicators:

• RSI: Around 55–66, showing neutral to slightly bullish momentum.

• MACD: The MACD line has crossed below the signal line, indicating a weakening bullish trend and potential correction.

4. Pattern Formation:

• The chart suggests a bull flag or pennant formation:

• Pole: The sharp upward rally from approximately 58,946 to 99,588.01.

• Consolidation: A tight range with lower highs and higher lows, forming a symmetrical triangle.

Conclusion:

The bull flag or pennant is a continuation pattern, typically indicating that the price is likely to break out in the direction of the prior trend (upward in this case). A breakout above the 97,000–99,000 resistance zone with high volume could confirm the pattern and signal further upside, potentially targeting levels beyond 100,000. However, a breakdown below 90,000 could invalidate the pattern and suggest a deeper correction.$BTC