Did Bitcoin break out of pennant formation?

To answer that question let’s take a look at a sixty minute candlestick chart with our compression triangle in blue and our long term price projection as a dashed green line. Beginning at approximately 6 PM EST yesterday we got our first break above our upper resistance trend line of our compression triangle at around $9,700. From there it took only two more hours to reach yesterday’s high at around $10,550, taking prices briefly above our long term projected price average (dashed green line) but only briefly. Upon the New York Markets opening today (9 AM EST) BTC tested this level again but upon failing to trade above it came crashing down and within one hour was back inside the pennant formation trading just as it had before the breakout occurred.

I believe what we witnessed was a false breakout but one that could be hinting at future moves to come. This false breakout to the upside gives more credence that when a true breakout occurs it will be to higher pricing but also re affirms the resistance at what was intended to be a projected price average but has since shown to be an ascending ceiling of sorts.