Bitcoin’s daily chart reveals a promising development as a bullish pennant pattern takes shape, hinting at a potential surge in the cryptocurrency’s value.
October Bitcoin futures prices are a bit weaker in early U.S. trading Monday. Recent price action has formed a bullish pennant pattern on the daily bar chart. The BC bulls have the solid near-term technical advantage as a price uptrend is in place on the daily bar chart. Technical odds favor an upside price “breakout” from the pennant pattern and probably this week. Stay tuned!– Jim Wyckoff. Please note that the views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure the accuracy of the information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only and is not a solicitation to make any exchange in commodities, securities, or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.