The base on the pennant is not very well defined and the volume profile does not look perfect but the potential is certainly there.

Should you long?

I have my cold storage that I am happy to ride out but with my trading stash I'll be looking for it to break up out of the pennant with above average volume before I long. Will coincide with a support area at around $340. So I will be looking to buy at around $350 and increase around $420 remember if this is indeed a bull pennant the targets for a breakout are (using fib levels) around $600 or $1,000.

Is there a possible short

I won't be joining you on this one but bull pennants only trend to break up, they still break down a significant percentage of the time. Personally I don't short things that I think will raise in value in the long term.

Bearing that in mind if you are looking to short, I'd be looking for a similar sign as to the break up, for it to drop below the pennant on significant volume. I'd look to get in if or when it bounces off resistance in the $300 area, maybe at around $310 and I'd look to increase if $280 doesn't hold.

There is both support lines and fib lines at $220 and $180 so they'd be my profit targets. Another thing against shorting is the reward, you'd be looking for is a $100 move as opposed to a $300-$700 move to the up side. Also it is harder to get into a high probability short as the price drops too quick, you need to try and enter on bounces. Whereas for a long the price rises much slower, given more opportunities to enter.

Is the pennant valid?

As I said at the start, the bottom support line of the pennant is weak as price has not bounced off it a second time. That's why I drew a second pennant as I think there is a real possibility we will drift out of the right of the green pennant and stay in a range for the next couple of weeks before the real pennant (if there is one) shows itself. So to be clear the yellow pennant is just a guesstimate with no TA backing it up.

Don't listen to me

Remember I am a random person online that you've never meet and have no reason to believe knows what he's talking about, I would advise against taking my advice, crap I've created a paradox, send help.