The cryptomarket remains coiled as we lead into the weekend with no new highs and no new lows being established for bitcoin. However, it is nicely consolidating on lower time frames and hints toward the possibility of another leg up:

Figure 1: BTC-USD, Hourly Candles, Consolidating Pennant

The pattern shown in Figure 1 outlines a potential continuation pattern called a “bullish pennant.” It’s characterized by consolidating volume and consolidating price that yields lower highs and higher lows and has general upper/lower trendlines. This particular pennant is quite sizable as it is consolidating at the top of a 12% market rally that pushed the price to test the $4,000 range. A general price target for an upward breakout of a pennant is calculated by taking the length of the run upward (called the “pole”) prior to…

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Source: https://thebitcoinnews.com/bitcoin-price-analysis-bullish-setups-could-break-current-market-structure/