Breakdown -
As we can see, history tends to repeat itself.
I have taken a move from the bullrun of 2017 which can be seen here:
now, if we apply this into markets' current price we can see we have a bullish pennant forming.
This shows a consolidation period before another bull run.
The previous move is almost an exact mirror image to what is currently happening.
We have taken back the long-term 23.6 retracement level which indicates good strength.
However, i like to create a few scenarios.
So we could either breakout from the current level, rallying to at least 10,000 which marks a crucial point in the bitcoin trend as it is a key psychological number, entering 5 figures which will catalyse a further bull run as this will gain media's attention, however i feel it will then drop to scare out the new investors and create more liquidity within the market before continuing the further bull run.
But back to current price,
we could potentially see a decline to the quarter point of 6,750 which is a high area of confluence and another tap off a trend line, before a further upside move.
Or a breakout as the market has been accumulating orders.
Final view-
Personally, im more in favour of a breakout of this pennant.
lets see what the market gives us.
Like my anaylsis?
Feel free to hit me up on the gram with any questions + more in-depth walk throughs on my story's! @iKDavis
BTCUSD
As we can see, history tends to repeat itself.
I have taken a move from the bullrun of 2017 which can be seen here:
This shows a consolidation period before another bull run.
The previous move is almost an exact mirror image to what is currently happening.
We have taken back the long-term 23.6 retracement level which indicates good strength.
However, i like to create a few scenarios.
So we could either breakout from the current level, rallying to at least 10,000 which marks a crucial point in the bitcoin trend as it is a key psychological number, entering 5 figures which will catalyse a further bull run as this will gain media's attention, however i feel it will then drop to scare out the new investors and create more liquidity within the market before continuing the further bull run.
But back to current price,
we could potentially see a decline to the quarter point of 6,750 which is a high area of confluence and another tap off a trend line, before a further upside move.
Or a breakout as the market has been accumulating orders.
Final view-
Personally, im more in favour of a breakout of this pennant.
lets see what the market gives us.
Like my anaylsis?
Feel free to hit me up on the gram with any questions + more in-depth walk throughs on my story's! @iKDavis
BTCUSD