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BTC has established a pretty Massive Pennant and seems like I have seen a picture similar to this before.
Let’s take a look back at BTC chart in the middle of 2019 Bitcoin's rally
Back then BTC consolidated for a while creating higher highs & higher lows and after that finally took off. Same happened this time. Consolidation with higher highs & higher lows -> violent breakout.
Pay attention to 0.236 Fib. Same rejection by 0.236 Fib in both cases.
We are definitely seeing some similarities between these two market structures. Even time-wise! The same month of May. Consider this more of a Bullish Hopium Fractal.
Next week we will finally see a breakout since we are approaching the apex of the pennant, and according to the fractal from 2019 we can see a resolution to the upside.
Keep in mind that the full measured move out of this pennant is $1.5k, which would take us just above 11k.
A breakout to the upside is very significant, because in that case we’ll break this very critical descending trendline (Resistance) coming from December 2017 20k top.
This is Key Resistance for Bitcoin and finally it will break. Will it happen next week?
(Always keep in mind a bearish case and practice risk management)
What do you think about it? Share your thoughts in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
BTC has established a pretty Massive Pennant and seems like I have seen a picture similar to this before.
Let’s take a look back at BTC chart in the middle of 2019 Bitcoin's rally
Back then BTC consolidated for a while creating higher highs & higher lows and after that finally took off. Same happened this time. Consolidation with higher highs & higher lows -> violent breakout.
Pay attention to 0.236 Fib. Same rejection by 0.236 Fib in both cases.
We are definitely seeing some similarities between these two market structures. Even time-wise! The same month of May. Consider this more of a Bullish Hopium Fractal.
Next week we will finally see a breakout since we are approaching the apex of the pennant, and according to the fractal from 2019 we can see a resolution to the upside.
Keep in mind that the full measured move out of this pennant is $1.5k, which would take us just above 11k.
A breakout to the upside is very significant, because in that case we’ll break this very critical descending trendline (Resistance) coming from December 2017 20k top.
(Always keep in mind a bearish case and practice risk management)
What do you think about it? Share your thoughts in the comments!
If you like the idea, please, hit the Like button and subscribe to the profile in order not to miss our updates.
The information given is never financial advice. Always do your own research.
Comment:
BTC broke out to the upside as expected!
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🚀💰 REGISTER HERE AND GET UP TO $30,000 WELCOME BONUS -> partner.bybit.com/b/cryptobullet
Twitter link: twitter.com/CryptoBullet1