BTC has bounced on the yellow support that has been followed since mid-September and also on the 61.8% Fib. retracement after following a clear head-and-shoulders formation, one week ago. Now it is back on a higher parallel support and it is showing to build a bullish pennant pattern. Also, the RSI doesn't seem to show any divergence. If the price breaks out of the pennant upwards, the price might surpass the previous ATH and go towards the 7200€ zone (around 8400$). On the other hand, if the price breaks below the support, BTC might fall again to retest the 71.6% Fib. retracement at about 5850€ (around 6900$).
Note
It looks like the triangle is being broken upwards!Note
New ATH was hit, as expected.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.