Home / Business / The bullish pennant suggests a breakout of the Bitcoin price to $ 11,300

The bullish pennant suggests a breakout of the Bitcoin price to $ 11,300



The price of Bitcoin (BTC) appears to have entered the weekend on the right foot after a relatively quiet Friday saw the price continue to hover between $ 10,200 and $ 10,400.

Snapshot of the performance of the daily cryptocurrency market

Snapshot of the performance of the daily cryptocurrency market. Source: Coin360

At the time of writing the daily chart it shows the top tier digital asset shrinking to a pennant and since it hit a double low at $ 9,838, BTC has drawn a pattern of higher lows that have now reduced the price in a narrower range.

BTC / USDT daily chart

BTC / USDT daily chart. Source: TradingView

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

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

As mentioned in the previous analysis, if the price can push as high as $ 10.5K, the bulls will try to take advantage of the $ 10,500 to $ 11,000 VPVR gap, but the 20-MA ($ 10,900) is likely to act as resistance first. to rise towards $ 11,300.

Bitcoin price daily performance

Bitcoin price daily performance. Source: Coin360

As Bitcoin’s price continues to consolidate towards a more decisive move, the altcoins have moved higher to test key resistance levels that were strong supports just a week earlier.

Yearn.finance (YFI) was one of the best, rallying 22.5% to $ 38,333. Binance Coin (BNB) gained 11.30% and Ontology ONT gained 13.19%.

According to CoinMarketCap, the overall market capitalization of cryptocurrencies is now $ 334 billion and Bitcoin’s dominance index is currently at 56.8%.

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