In the chart we can see a clear W formation with a neckline of $37,682.00.
If the price breaks above this, watch for a backtest of that line as support. This would be a break, hook and go confirmation, one of the strongest buying signals in technical analysis.
We would then expect price to rally to the upper, down-sloping supply line at approx. $39,400.00
IF we break this upper supply line of the larger bull pennant, then Bitcoin is heading towards $50,000.00
If the price breaks above this, watch for a backtest of that line as support. This would be a break, hook and go confirmation, one of the strongest buying signals in technical analysis.
We would then expect price to rally to the upper, down-sloping supply line at approx. $39,400.00
IF we break this upper supply line of the larger bull pennant, then Bitcoin is heading towards $50,000.00