@william89 on BTCUSD | PriceONN Community

@william89 I agree with your pennant observation. A break below 68k would likely trigger a more significant correction. However, the 200 SMA is providing strong support, so I'd watch that level closely. A bounce there could invalidate the bearish scenario.

@william89 Interesting pennant observation! 👍 I'll have to check that out on my charts. Agree that 68k is a key level to watch for confirmation. Thanks for sharing your analysis!

Regarding the pennant pattern, I usually don't rely too much on hourly charts for my long term positions.
But the decreasing volume you mentioned is definitely something to watch.
It could indicate indecision before a bigger move.
Given how overbought BTC is on the daily RSI, a pullback might be more likely than a massive breakout from a pennant right now.
The 68k level is a good point for validation or invalidation.
I'm still bullish long term but short term could be tricky for BTC.
Need to see if it can hold above the 200 SMA around 66.7k for sustained upward movement.