- Bitcoin pennant pattern breakout aims for $8,800 and the run-up to $9,200.
- Bitcoin price technical level align for another bullish action likely to step past $8,800 in the short-term.
Bullish Pennant Pattern
The formation of a pennant pattern gave bitcoin an incredible boost as on the 4-hour chart. Bitcoin. The breakout just under $8,400 resistance contributed immensely to the ongoing bullish phase. Besides, the jump above the 50 Moving Average cemented the bulls’ position on the market.
At press time, Bitcoin is trading at $8,718 amid a building bullish momentum. Technical levels such as the upward sloping RSI suggest clearly show that Bitcoin buyers have eyes on just $8,700 but also $8,800. As long as the RSI mains the upward movement and breaches its way into the overbought region, the trend is bound to remain in the favor of the bulls. In addition to that, the bullish action is supported by the continued bullish session of the Elliot Wave Oscillator.
Bitcoin Key Levels
Spot rate: $8,691
Relative change: 120
Percentage change: 1.37%
RSI: Upward slopping hints increasing bullish traction
Support: $8,400, $8,200 and $8,000
Resistance: $8,800, $9,000 and $9,200
Trend: Bullish
Volatility: High