As I scroll through the many ideas on here, I noticed a reoccurring theme of many people banking on a retracement back down to the bullish pennant (or even lower) before we have reached these levels for a second time, so I began to contemplate why that did not happen. I believe you will have your answer indicated by both of the 4HR candlesticks I have highlighted with a green ellipse. Price action on these levels were very significant, in both occurrences, we found heavy support on top of major resistance levels. Under my limited knowledge, this indicates to me further continuation of the current trend which is bullish, not a retracement back down to old support levels.
Now that we have crossed $40k, our next resistance level I believe will be the ATH, where a double top most certainly can form at or just below this price level, causing price to potentially fall back to and even below the bullish pennant. However, price action will indicate this reversal if it will take place, so it is best not to assume since you will be betting against the current trend. Forecasting price can be a dangerous game, which is why I let price do the talking for me. Let us see how BTC reacts in these levels ($40k-$42K) before we make such claims.
Best of luck to you all!
Now that we have crossed $40k, our next resistance level I believe will be the ATH, where a double top most certainly can form at or just below this price level, causing price to potentially fall back to and even below the bullish pennant. However, price action will indicate this reversal if it will take place, so it is best not to assume since you will be betting against the current trend. Forecasting price can be a dangerous game, which is why I let price do the talking for me. Let us see how BTC reacts in these levels ($40k-$42K) before we make such claims.
Best of luck to you all!