- Bitcoin forms a bull pennant pattern, signaling potential breakout toward $140K.
- Key support at $91,000 and resistance at $95,000 define crucial price levels.
- A breakout above $95,800 could trigger a major rally, targeting $140K.
Bitcoin’s price action is hinting at a major breakout. A bull pennant pattern is taking shape on the daily chart. This technical setup often signals a big move is coming. While bears have tried to take control, support at $91K has held strong. A breakout above $95,800 could send Bitcoin toward $140K, drawing traders’ attention.
#Bitcoin Bull Pennant: $140,000 Target 🎯
A bull pennant pattern might be unfolding on the daily timeframe. pic.twitter.com/QQeOHsYqg9
— Titan of Crypto (@Washigorira) January 11, 2025
Key Levels Show Where Bitcoin Could Go Next
Bitcoin’s daily chart reveals a battle between bulls and bears. After dropping from $108,364 to $91,215, the price bounced back to around $94,000. Support at $91,000 is holding firm, while resistance at $95,000 remains tough. Bearish indicators like the MACD at −445 and momentum at 31 suggest caution for bullish traders.
Looking at shorter timeframes, Bitcoin is stuck between $94,000 and $95,000 after falling from $102,760. The RSI at 46 and Stochastic oscillator at 23 signal neutrality. Meanwhile, the 10-period EMA at $95,702 shows bearish pressure. These levels are crucial, as a breakout or breakdown could shape Bitcoin’s next move.
Will Bulls Take Control?
On the hourly chart, Bitcoin’s price action is coiling. Resistance at $95,800 and support at $93,500 form a narrow range. This typically signals an upcoming move. Low trading volumes hint at a lack of momentum, but a sudden spike could drive a significant shift.
Bitcoin’s moving averages present a mixed picture. The 10-day SMA at $96,748 suggests bearish momentum. However, the 200-day EMA at $78,285 points to long-term bullish strength. A breakout above $95,800 could signal the start of a rally.
If Bitcoin drops below $93,500, the bearish trend may strengthen, especially if support at $91,000 breaks. Traders should focus on volume. A surge in activity could confirm a breakout. If Bitcoin pushes past key resistance, the path to $140,000 might open up.
