The main dishes to remember:
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A decline in the Bitcoin price at $ 115,000 is possible before continuing the upward trend.
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A bull pennant suggests that the BTC price could rally 15% to new summits higher than $ 136,000.
The Bitcoin price (BTC) spent most of the week, it was pinned below $ 120,000, which many analysts have labeled as a key resistance area. However, a new technical configuration suggests that BTC is probably consolidated in a bull pennant before resuming its upward trend.
Bitcoin “Bull Pennant” targets $ 136,000 and beyond
Bitcoin joined 14% between July 8 and Saturday to reach a summit of almost $ 123,000. Since then, BTC Price has retired, consolidating between the top of all time and $ 115,000.
The latest data from Cointelegraph Markets Pro and TradingView show that BTC Trading inside a Bull pennant, suggesting that the final “explosive phase” is as follows.
Bitcoin is in a “Bull Pennant Breakout targeting $ 140,000,” said Popular Crypto Trader Titan of Crypto in a Monday article on X.
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A bull pennant is a model of continuation that occurs after a significant increase, followed by a period of consolidation at the end of the higher price of the beach.
“Welcome to the final and most explosive phase of the bull race.”
A positive escape from the pennant could potentially lead to the next step for Bitcoin, measured at $ 136,500 or 15% compared to its current price level.
It is important to note that the success rate of a bull pennant is only about 54%, making it one of the least reliable models.
However, another classic model was spotted by Merlijn The Trader, a Bitcoin analyst, who says that a BTC course goal of $ 140,000 is at stake on a model of head and shoulder inverted on the three -day graphic.
“The break is real. The momentum is undeniable. $ 140K is the target measured.”
Other projections are a little more ambitious, with an analyst citing a BTC price in daily gold projection at $ 155,000.
Popular merchant Marcus Corvinus has made a modest prediction, saying that a symmetrical triangle rupture targets $ 125,000.
Bitcoin could fall to test the support first
With most of the apparent Bitcoin’s apparent sales liquidity absorbed during the move to $ 122,000, some analysts warn that a brief wrinkle to test $ 115,000, because the support could be the next blow for the BTC price.
“On weekends, low liquidity swept!” Popular analyst AlphabTC said Bitcoin could drop a little more to enter liquidity to around $ 115,000.
The BTC liquidity card shows that the order book is leading to this, with clusters stacked between $ 115,000 and $ 116,100.
“A little lower and the bulls will probably have the fuel necessary to grow higher again.”
Analyst Daan Crypto Trades said that BTC Price had blocked near its top of all time and noted that most of the volume had been exchanged around $ 118,000, which is the intermediate level of the current range.
The analyst told his subscribers to monitor the range at $ 115,000 as support and the high range at $ 121,000 in resistance.
“Keep an eye on these ups and downs for a potential liquidity scan.”
This article does not contain investment advice or recommendations. Each investment and negotiation movement involves risks and readers should conduct their own research when they make a decision.
