Hello Traders
Currently we are well above the (red) downtrend line that has ensnared bitcoin ever since 2013 all time highs. This shows that the overall condition of the market is very bullish.
However we are currently in a pennant from the 370s drop, Here are some scenarios that we could see once it breaks
YELLOW
go sideways for a while then continue upwards to the 0.618 level as we have done many times before following a rally (see Follow the Fibs)
WHITE
Move downwards finding support at the uptrend line from the August drop
PURPLE
Move downwards finding strong support at the long term uptrend line. A triple bottom here would be an excellent launchpad for a rally to new all time highs. If the price does drop to this level youll have to be quick. Everytime price touches this trendline it only stays there for a few hours before bouncing right back up.
Currently we are well above the (red) downtrend line that has ensnared bitcoin ever since 2013 all time highs. This shows that the overall condition of the market is very bullish.
However we are currently in a pennant from the 370s drop, Here are some scenarios that we could see once it breaks
YELLOW
go sideways for a while then continue upwards to the 0.618 level as we have done many times before following a rally (see Follow the Fibs)
WHITE
Move downwards finding support at the uptrend line from the August drop
PURPLE
Move downwards finding strong support at the long term uptrend line. A triple bottom here would be an excellent launchpad for a rally to new all time highs. If the price does drop to this level youll have to be quick. Everytime price touches this trendline it only stays there for a few hours before bouncing right back up.
