BTC - bullish pennant playing out? Accumulating for a big move
Hey guys,
Bitcoin seems to move within the triangle as shown in the graph while declining in volume. If we break to the upside from here I keep my target of the prior established line which is at around 10.8k. This would also confirm the break out of our 2.5 years resistance line starting all the way from 2017.
We need to wait for a confirmation of the bullish pennant. If we move again to the upper line, I am optimistic to have a decent probability for a continuation move to see upside. Bears were not able to push the price lower than our previous low and our upwards trend since the Corona dump is still in play.
If we break the triangle to the downside, I believe we are going to retest the 200MA at around 8k. In the previous market cycles we retested it a few times to actually start-off the bull runs.
Happy trading! Let me know what you think.
Bitcoin seems to move within the triangle as shown in the graph while declining in volume. If we break to the upside from here I keep my target of the prior established line which is at around 10.8k. This would also confirm the break out of our 2.5 years resistance line starting all the way from 2017.
We need to wait for a confirmation of the bullish pennant. If we move again to the upper line, I am optimistic to have a decent probability for a continuation move to see upside. Bears were not able to push the price lower than our previous low and our upwards trend since the Corona dump is still in play.
If we break the triangle to the downside, I believe we are going to retest the 200MA at around 8k. In the previous market cycles we retested it a few times to actually start-off the bull runs.
Happy trading! Let me know what you think.
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