Pennat consolidation forming in BTCUSD Daily Chart

A pennant consolidation is forming on the BTCUSD Daily chart. This generally is a consolidation before a new leg that continues the prevailing trend. In this case, this would indicate a new leg lower with a target at around $3000 support if it closes to the downside. A break above the pennant could indicate a longer consolidation, with much higher prices required to begin forming a bullish base.