Usman Salis
⬤ Bitcoin's trading inside a textbook bull pennant on the 4-hour timeframe right now. After a powerful vertical surge, the price action tightened into this familiar consolidation structure. TATrader_Alan noted that breaking out from here could send BTC back up to the $105,000 mark.
⬤ The chart shows Bitcoin shooting up aggressively from around $90,000 before settling into this consolidation phase. What we're seeing now is price getting squeezed between a downward-sloping upper line and an upward-sloping lower line—the classic pennant shape. It's basically a breather in the momentum, not a reversal signal, with volatility getting compressed as the range gets tighter.
⬤ Throughout this consolidation, Bitcoin's been bouncing pretty consistently off those converging trendlines. The pattern formed right after that strong impulsive move, which is exactly what you'd expect from a bull pennant. Based on the chart projection, if we get a clean break above the upper boundary, that could trigger a measured move toward $105,000—basically matching the height of that earlier rally.
⬤ Why does this matter? Bull pennants typically act as continuation patterns when the bigger trend is bullish. A decisive breakout from this structure would probably set the tone for Bitcoin's near-term direction. Until that happens, though, we're still in wait-and-see mode, with those pennant lines acting as the key levels everyone's watching for the next move.
Usman Salis
