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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Monday Morning Bitcoin Bull Pennant Breakout Could Target $15K

Tony "The Bull" Severino
Tony "The Bull" Severino
1 year ago
2 mins read
bitcoin bull pennant

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Bitcoin price this morning is back well above $13,100 after an overnight plunge pierced below resistance turned support at $13,000. The rebound from support could be enough momentum to push the cryptocurrency higher toward $15,000. Here’s the current price action as it is developing, and what could result.

Bitcoin Forms Bullish Pennant, Target $15K, But Retest Must Hold

Bitcoin price just surged to retest highs around $13,200 after bulls held an important retest of support at $13,000 overnight. The leading cryptocurrency by market cap closed its highest weekly candle since the bear market began, but after the close started to tumble.

Bulls were able to hold strong overnight, leading to renewed confidence on this Monday morning.

Last week, the cryptocurrency made a strong intraday bullish impulse that led to a $1,000 daily increase. After hitting resistance from 2019, Bitcoin has been consolidating in what appears to be a bull pennant chart formation.

bitcoin btcusd

Bitcoin bull pennant breaks to the upside, retest in progress. Is $15K next? | Source: BTCUSD on TradingView.com

These bullish chart patterns are characterized by a long pole moving upward, followed by a symmetrical triangle-like pattern forming the pennant. When the converging price action finally breaks out, another similar-sized move around the same height as the initial pole often follows.

Related Reading | Bitcoin Could Be Just One Week Away From A New Monthly All-Time High Close

Bitcoin attempted a breakout late Saturday night, but failed and was pushed back into the structure. However, this morning’s breakout that took the crypto asset pumping $300 in a flash, has now retraced and appears to be holding.

If the retest holds, the bull pennant could confirm, and Bitcoin could be trading at above $15,000 within just days to a week away. It’s also just days away from setting a new all-time high in terms of monthly candle close if the cryptocurrency can close the month over $13,950.

Featured image from Deposit Photos, Chart from TradingView.com
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Tony "The Bull" Severino
Tony "The Bull" Severino

Tony "The Bull" Severino

Tony "The Bull" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market.
A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony’s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements.

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Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions.

In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony’s expertise to guide their trading strategies.

Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies.

Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders.
His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics.

Tony’s nickname, "The Bull," aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice.

In summary, Tony "The Bull" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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