The price action on the BTC chart has created a Pennant Formation. Since it is considered as a Trend continuation pattern, the chances of a breakout to the downside are slightly higher. Of course, this does not mean that a breakdown is guaranteed.
However, the Bears have a little bit of a stronger case here, as the sentiment has turned bearish after the recent sell-off and they only have to push the price below the bottom Trend-Line of the Pennant to initiate yet another drop in the price, where BTC could drop back down to the next Support Level around the 51K area.
For the bulls to take back control over the price a breakout to the upside has to occur, but it doesn’t end there, as there is a Resistance Level right above the Pennant around the 57500$ Level which can create more problems for them.
As the price is approaching the Apex of the formation, a conclusion could occur within the next 24H.
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