Bitcoin Price Eyes $26,000 on Bull Pennant Breakout on 1H Chart

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The cost to buy one Bitcoin unit could surpass the $26,000-level according to a textbook bullish indicator forming on its lower timeframe chart. Dubbed as “Bull Pennant,” the pattern forms when an asset forms a Triangle-like structure after forming an upward flagpole. Traders perceive it as a signal of bias continuation, i.e., they believe the asset would continue in the direction of its previous trend after breaking the Triangle structure. Bitcoin 1H Chart Bitcoin is forming a similar Bull Pennant on its one-hour (1H) chart by showing the following characteristics: Flagpole: Before forming the Pennant structure, the BTC/USD exchange rate was rallying higher. It resulted in the formation of a flagpole. Price Fluctuation: After forming a flagpole top, BTC/USD started consolidating sideways while leaving a trail of lower highs and higher lows behind. That gave it the shape of a triangular structure — the Pennant itself. Volume: The volume declined…

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