09.07.202015:12 Forex Analysis & Reviews: Bitcoin form a bullish technical pattern

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Bitcoin is challenging the resistance at $,9500 area. This is important resistance for two reasons. First is the downward sloping resistance trend line from June 2019 highs. Secondly is the upper boundary of a technical pattern.

Red line - long-term resistance

Black lines- bullish pennant

Bitcoin has formed a bullish pennant pattern. An upward break out will be combined with the break above the red resistance trend line and it would be a very bullish signal. Bulls need to recapture the $9,500-$10,000 level in order to hope for a move towards $13,500-$15,000. Support is found at $9,000. A break below this level would be a bearish sign.

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