BTCUSD Bullish Pennant in H1 Timeframe 
2024-12-08

BTCUSD Bullish Pennant: A Potential Upside Move

A bullish pennant pattern is forming on the BTCUSD chart, signaling a potential continuation of the uptrend. This pattern is characterized by a sharp upward move followed by a period of consolidation within a narrowing price range.

Potential Trading Strategies:

Bullish Breakout:

Entry: Buy above the upper trendline of the pennant ($99830).
Stop-Loss: Below the lower trendline ($98350).
Take-Profit: Based on the height of the flagpole (initial upward move $111559).

Additional Considerations:

Fundamental Analysis: Consider factors like Bitcoin's adoption rate, network upgrades, regulatory developments, and macroeconomic trends.
Technical Indicators: Utilize indicators like RSI and MACD to confirm the strength of the trend and potential reversal signals.
Market Sentiment: Monitor market sentiment and news events that could impact Bitcoin's price.

Best wishes Tom 😎