It appears as though Bitcoin is creating a "micro" series of higher lows forming a pennant pattern, similar to a descending triangle in appearance because of the downward sloping resistance.
Where I have placed the first two Bitcoin Icons represents the higher lows, I'm still watching the pattern develop as the consolidation is taking the shape of an Inverse Head & Shoulders.
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
After long bearish trends, the price falls to a trough and subsequently rises to form a peak.
The price falls again to form a second trough substantially below the initial low and rises yet again.
The price falls for a third time, but only to the level of the first trough, before rising once more and reversing the trend.
The RSI appears to be topping out, keep an eye on this.
Where I have placed the 3rd Bitcoin icon is a possible third bottom if downward sloping resistance is too bearish.
Where I have placed the first two Bitcoin Icons represents the higher lows, I'm still watching the pattern develop as the consolidation is taking the shape of an Inverse Head & Shoulders.
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
After long bearish trends, the price falls to a trough and subsequently rises to form a peak.
The price falls again to form a second trough substantially below the initial low and rises yet again.
The price falls for a third time, but only to the level of the first trough, before rising once more and reversing the trend.
The RSI appears to be topping out, keep an eye on this.
Where I have placed the 3rd Bitcoin icon is a possible third bottom if downward sloping resistance is too bearish.
