Bullish pennant hints at Bitcoin price breakout to $11,300

Published at: Sept. 12, 2020

Bitcoin (BTC) price appears to have entered the weekend on the good foot after a relatively uneventful Friday saw the price continue to fluctuate between $10,200-$10,400. 

Cryptocurrency daily market performance snapshot. Source: Coin360

At the time of writing the daily chart shows the top-ranked digital asset tightening into a pennant and since making a double bottom at $9,838, BTC has etched a pattern of higher lows which have now pinched the price into a tighter range. 

BTC/USDT daily chart. Source: TradingView

While trading volume still leaves a lot to be desired, the moving average convergence divergence indicator shows the MACD pulling closer to the signal line and the shorter bars on the histogram indicate that selling is slowing down. 

While encouraging, the RSI remains below the midline and even though BTC is now above the 100-MA a breakthrough the pennant to flip $10.5K to support is still the next step traders are looking for. 

As mentioned in the previous analysis, if the price can push through $10.5K, bulls will attempt to exploit the VPVR gap from $10,500-$11,000 but it’s likely that the 20-MA ($10,900) will act as resistance before moving higher toward $11,300. 

Bitcoin price daily performance. Source: Coin360

While Bitcoin price continues to consolidate toward a more decisive move, altcoins moved higher to test key resistance levels that just a week prior were strong supports. 

Yearn.finance (YFI) was a top performer, rallying 22.5% to $38,333. Binance Coin (BNB) gained 11.30% and Ontology ONT moved 13.19% higher.  

According to CoinMarketCap, the overall cryptocurrency market cap now stands at $334 billion and Bitcoin’s dominance index is currently at 56.8%.

Keep track of top crypto markets in real time here
Tags
Bitcoin
Bitcoin Price
Markets
Market Update
Related Posts
Bitcoin bulls make a run on $45K after Twitter debuts crypto tipping
Bullish optimism is on the rise across the cryptocurrency market on Sept. 23 as prices continue to recover from this week's volatility which was the result of regulatory pressure on the crypto sector, the Federal Open Market Committee meeting on the Fed's interest rate hikes and monetary policy, along with fears that the Evergrande situation would ripple out to impact global financial markets. Data from Cointelegraph Markets Pro and TradingView shows that after trading in a range between $43,000 and $44,300 during the early trading hours on Sept. 23, the price of Bitcoin (BTC) spiked above $44,800 in the early …
Bitcoin / Sept. 23, 2021
Institutional demand for Bitcoin evaporates as BTC struggles below $31K
The rocky road that Bitcoin (BTC) has been on for the past two months continues as a widely predicted move downward materialized in the early hours on Monday and dropped the price of BTC below $31,000. Data from Cointelegraph Markets Pro and TradingView shows that a wave of mid-day selling pushed the price of BTC to a low of $30,400 before bulls arrived to provide support and lift the price back to $30,850. The market as a whole continues to face an uphill battle as the miner exodus following China’s crackdown on the mining industry has led to the fourth …
Bitcoin / July 20, 2021
Altcoins notch triple-digit gains as Bitcoin price pushes toward $60K
If this past weekend is any indication of the current bull market cycle, then an altcoin season may be well underway. Similar to previous cycles, after Bitcoin (BTC) makes a significant run-up in price and then enters a consolidation period, funds begin to migrate into large and small market cap altcoins. Data from Cointelegraph Markets and TradingView shows that while Bitcoin traded in a range between $57,000 and $60,200 over the past week, multiple altcoins saw double-digit gains as exchange listings and protocol developments brought a new wave of enthusiasm and trading volume for select projects. Tron ecosystem leads the …
Blockchain / April 6, 2021
Bitcoin sell-off over? Strong 'buy the dip' signal flashes for the first time in 5 months
The price of Bitcoin (BTC) has dropped to the key $44,000-$45,000 support level on Feb. 28 for the third time in the past week. The BTC/USD pair briefly dipped below $44,000 on Bitstamp before paring some of the losses, bouncing back above $45,000 at the time of writing. 'Full rest' for SOPR, funding rates Some analysts have pointed out an uptick in miners' selling as the reason behind the latest drop in price. It's a whale war, and you know who got the real power. US Institutional Investors - Coinbase Outflow = STRONG BUY - Coinbase Premium = BUY BTC …
Bitcoin / Feb. 28, 2021
Bitcoin Price Falls Below $6,000 on Declining Trading Volume
For the second time in one week Bitcoin (BTC) price has fallen below $6,000. Today’s pullback below the $6,000 mark comes as the weekly and monthly close approach and its possible that the price could also be influenced by investors fear that traditional markets may continue to correct at Monday’s opening bell. Crypto market daily price chart. Source: Coin360 At the time of writing the price is trading at $5,917 after bulls failed to hold the $6,200 support. For the short term, Bitcoin will need to hold $5,850 or traders will set their sights on $5,700, a point where the …
Bitcoin / March 29, 2020