Hello, all.
The 1W graph of Bitcoin (BTCUSD) above shows that Bitcoin is gradually forming a pennant. Based on this information, I expect a lot of sideways movement until the price really begins to settle, eventually choosing to become bullish or bearish with a strong volume movement to break the price out of or below the pennant lines.
If one were to trade in the short term on this graph, beware that it is very risky; Bitcoin is experiencing quite the market shake-up at the moment, but I do suspect the price to retest the $4200 level soon. I'm going long on Bitcoin and similar altcoins for the time being.
A new analysis will be needed if Bitcoin drops below support at $3600. Expect pullbacks. A climb to its former glory will not happen overnight.
Thanks for reading. Leave a like if you agree!
The 1W graph of Bitcoin (BTCUSD) above shows that Bitcoin is gradually forming a pennant. Based on this information, I expect a lot of sideways movement until the price really begins to settle, eventually choosing to become bullish or bearish with a strong volume movement to break the price out of or below the pennant lines.
If one were to trade in the short term on this graph, beware that it is very risky; Bitcoin is experiencing quite the market shake-up at the moment, but I do suspect the price to retest the $4200 level soon. I'm going long on Bitcoin and similar altcoins for the time being.
A new analysis will be needed if Bitcoin drops below support at $3600. Expect pullbacks. A climb to its former glory will not happen overnight.
Thanks for reading. Leave a like if you agree!