BitcoinLong
Bitcoin Pinches Inside Pennant
Pretty self-explanatory.
Key resistances to observe if BTC breaks beyond the red zone at $18,200.
(1) $18,488 - the current high (1.0 Fibonacci level on chart).
(2) $18,953 - key daily resistance from December 2017 (red line).
(3) $19,386 - 1.618 Fibonacci level.
(4) $19,660 - the official Bitcoin all-time high according to Bitstamp BTC/USD chart.
Main supports to watch if pennant gets rejected.
(1) $17,933 - 0.618 Fibonacci level and a strong intraweek S/R level.
(2) $17,700 - Point of Control (blue line) that also overlaps with the hourly 50-EMA line.
(3) $17,480 - Approximate area of pennant pattern support (yellow line).
(4) $17,000 - Psychological level and order block support zone (green bar).
There is also a second major support bar around $16,700 (lowest green bar) that could also help prop up prices in the event of a strong bearish breakout from the pennant pattern. According to the VPVR indicator, the $15,400 level will most likely be the bottom if a heavy correction occurs.
*A full review of this analysis will be on Crypto Potato.
Key resistances to observe if BTC breaks beyond the red zone at $18,200.
(1) $18,488 - the current high (1.0 Fibonacci level on chart).
(2) $18,953 - key daily resistance from December 2017 (red line).
(3) $19,386 - 1.618 Fibonacci level.
(4) $19,660 - the official Bitcoin all-time high according to Bitstamp BTC/USD chart.
Main supports to watch if pennant gets rejected.
(1) $17,933 - 0.618 Fibonacci level and a strong intraweek S/R level.
(2) $17,700 - Point of Control (blue line) that also overlaps with the hourly 50-EMA line.
(3) $17,480 - Approximate area of pennant pattern support (yellow line).
(4) $17,000 - Psychological level and order block support zone (green bar).
There is also a second major support bar around $16,700 (lowest green bar) that could also help prop up prices in the event of a strong bearish breakout from the pennant pattern. According to the VPVR indicator, the $15,400 level will most likely be the bottom if a heavy correction occurs.
*A full review of this analysis will be on Crypto Potato.
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