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Bitcoin Price Analysis: $12.4K in Sight as Bullish Pennant Forms

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Bitcoin sentiment is still very much bullish as price levels increase $2,000 since the beginning of August. On the charts we can now see a bullish pennant has formed which could be foreshadowing an imminent breakout to the next resistance above at $12,400.


Bitcoin Price 1-Hour Analysis
1hbtc

On the 1 hour chart for XBT/USD we can see a bullish symmetrical triangle has formed. This is also known as a bullish pennant and has formed as a result of the recent breakout and move to the upside mentioned in my previous analysis on Bitcoin. RSI has moved down below the median ...

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