BTCUSD Resumes Bullish Trend as the Bullish Pennant Formation Ends

The BTCUSD pair shows a strong technical picture, indicating that the recognized bullish pennant formation will end soon and the market will resume its bullish trend. A continuation pattern known as the bullish pennant usually indicates a brief period of consolidation before the continuation of the dominant uptrend. Since the bullish trend began, a major correction to the upside did not occur until December 2023.

 

Recently, when the price made a swing high above $45000.00, BTCUSD began a corrective phase. The recent end of the long-term corrective phase does not change the general bullish trend of BTCUSD. Right now, the price is rising along a diagonal support. This followed a liquidity grab below the diagonal support and a BOS (Break of Structure). At $40626.00, a bottom was established, sparking the start of the market’s upward trend again.

BTC Key Levels

Demand Levels: $37800.00, $31900.00, $24900.00
Supply Levels: $43100.00, $46000.00, $52100.00

What are the Indicators saying?

The uptrend is likely to continue until BTCUSD hits the $52100.00 resistance. According to the MACD (Moving Average Convergence Divergence) on September 29, 2023, BTCUSD flipped to the upside.

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