FX.co ★ What can we expect next for Bitcoin?

Back in early July we noted the bullish pennant pattern in Bitcoin when it was trading around $9,500. Then we noted that a break above this resistance level would be an important bullish signal. In that analysis we noted that capturing $9,500-$10,000 area would be a very important bullish sign that could bring price to $13,000.

Green line -upside potential optimistic scenario

Blue rectangles- comparing now with the past

In a recent analysis I posted that a break out of the triangle would push price to $11,000 which was my first target. Today we reached that target. The Daily RSI is at overbought levels. But looking in the past to see when the RSI was at this high level again, we see that it was when BTCUSD starting its bull run to $13,000 back in April. This is a scenario that we should not ignore as I believe it has many chances of success given the technical similarities and the bullish signs we get,