Bitcoin YTD Performance at Risk: Can Bullish Pennant Survive?

• Bitcoin’s YTD performance exceeds 80%
• Investors were betting on a pennant formation in March
• Failure to hold above 30k brings 28k invalidation level into focus.

Bitcoin’s Year-To-Date Performance

Bitcoin has seen a rally of over 80% since the start of 2023, leading investors to bet on a bullish pennant formation in March. This formation would be invalidated if the price drops below the 28k area.

What is a Pennant Formation?

A pennant is a type of chart pattern that signals continued market movement in the same direction as before the consolidation. Before forming the triangle, the market must have rallied – and this should continue after it breaks out from the triangle, reaching its measured move (which can be estimated) within roughly the same amount of time taken until its formation.

The Impact on Bitcoin Price

Failure to reach or exceed its measured move could lead to an invalidation of this bullish pattern, putting Bitcoin’s YTD performance at risk and bringing attention to 28k as an important line for potential invalidation.

Key Takeaways

• Bitcoin’s YTD performance exceeds 80% • Investors were betting on a pennant formation in March • Failure to hold above 30k brings 28k invalidation level into focus.

Conclusion

Investors are keeping close watch on Bitcoin price as it attempts to reach its measured move and validate its bullish continuation pattern. A failure to do so could put YTD performance at risk and bring attention to 28K as an important line for potential invalidation.

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