After breaking new All time highs, Bitcoin has created a Pennant pattern. The pattern is technically neutral, but the 4h RSI was extremely overbought. 1h RSI has also showed strong bearish divergence when at overbought levels.
Major support levels are identified as 3150 and 3080. These areas showed large amounts of fibonacci clustering (trailing tetrace from 1800 to ATH).
If the newly established trendline (3080~) is broken, we can expect a pullback to pre breakout levels in the upper 2800s.
Very strong support is at 2830~ level.
Major support levels are identified as 3150 and 3080. These areas showed large amounts of fibonacci clustering (trailing tetrace from 1800 to ATH).
If the newly established trendline (3080~) is broken, we can expect a pullback to pre breakout levels in the upper 2800s.
Very strong support is at 2830~ level.