Bitcoin (BTCUSD) soared above $100,000 for the first time late Wednesday as investors bet that the incoming Trump administration and Congress will support policies that benefit the cryptocurrency market. 𝕴

Wednesday's rally followed news that President-elect Donald Trump 澳洲幸运5官方开奖结果体彩网:named c🅘rypto enthusiast Paul Atkins to lead the 澳洲幸运5官方开奖结果体彩网:Securities and💃 Exchange Commission (SEC). Atkins would replace 澳洲幸运5官方开奖结果体彩网:crypto critic Garry🌸 Gensler, who s꧒aid he would step down in January.

Bitcoin was recently trading at $103,000, up from around $95,000 before news of the SEC nomination. Since the election, Bitcoin has surged more than 45% as investors bid up the digital asset on expectations of more 澳洲幸运5官方开奖结果体彩网:crypto-friendly policies.

Below, we take a closer look at the 澳洲幸运5官方开奖结果体彩网:technicals on Bitcoin’s chart and point out important price levels t♔o watch out for.

Pennant Pattern Breakout

With its move above $100,000, Bitcoin has broken out above a newly formed pennant, a chart pattern that signals a 澳洲幸运5官方开奖结果体彩网:continuation of the legacy crypt𝓡ocurrency🐽’s current move higher.

It’s also worth pointing out that the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) crossed above the 200-day MA back in late October to form a 澳洲幸运5官方开奖结果体彩网:golden cross, a bullish signal that underpins the cryptocurrency’s💫 strong uptrend.

While the 澳洲幸运5官方开奖结果体彩网:relative strength index (RSI) confirms bullish price momentum with a reading above 70, the indicator also flashes 澳洲幸运5官方开奖结果体彩网:overbought levels, increasing the chances of near-t💖꧑erm profit taking.

Let’s now use technical analysis to project a bullish upside 澳洲幸运5官方开奖结果体彩网:price target as Bitcoin moves into price discovery and also identify several key 澳洲幸运5官方开奖结果体彩网:support levels to monitor during dips.

Measured Move Bullish Target to Watch

Amid Bitcoin's move into price discovery, investors can use a measured move, also known as the 澳洲幸运5官方开奖结果体彩网:measuring principle, to project a potential price target.

This technique works by🧔 calculating the impulsive move higher that preceded the pennant and adding that amount to the pattern’s top trendline. In thisღ case, we add $32,430 to $97,500, which forecasts a bullish target of $129,930.

Key Support Levels to Monitor

A wave of 澳洲幸运5官方开奖结果体彩网:profit taking could see Bitcoin’s price fall to around $90,500, a location on the chart that may find support near the pennant pattern’s low and a period of brief 澳洲幸运5官方开奖结果体彩网:consolidation in mid-November.

Selling below this level may bring the $80,500 region into play. This area, currently sitting just below the upward sloping 50-day MA, could attract buying interest near the closing and opening levels of two bullish 澳洲幸运5官方开奖结果体彩网:candlesticks last week.

Finally, a more-bearish decline could lead to a retest of major support around $70,000, an area where investors would likely seek 澳洲幸运5官方开奖结果体彩网:entry points near the prꦯior trading range’s top trendline. This location could also find support from the 200-day MA as the closely watched indicator continues to rise.

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As of the date this article was written, the author does not own any of the above securities.

CORRECTION: This article has been updated with the correct day of bitcoin's move above $100,000.