Long

( DAILY) Bitcoin forming a bullish pennant!

Updated

Here on Bitstamp , we can see Bitcoin consolidating in a bullish pennant .
We have so far held the .618 of the current swing.

On the weekly time frame, there is a new candle starting on the 7th.
The 7th is also the day the minor bullish trendline meets the neckline of the IHS.

For more information regarding USD exchange pricing, I invite you to check my XBT post here:

Bitcoin is in a massive ascending triangle. Bear/Bull counts

Note

Here's what I'm starting to think may happen.
Right now, XBT seems to be the only pairing that I can find, that is above the minor bullish trendline from the bottom. It is being confirmed as resistance, as we speak. That being said, if we can hold the pennant support at around $3,690 today, it would form another higher low giving another good opportunity for accumulation.

If you think about it, all this sideways on the daily during the right shoulder could just be accumulation. If you had a LOT of money you wanted to put into Bitcoin, because you knew it was about to make a very sizeable move upwards, you certainly wouldn't want to be buying resistance. You'd have to buy support, and that would take a *while*. Especially if a LOT of people/institutions are doing it.

That could be where all this wicking and sideways is coming from.
It just so happens that on the new weekly candle on the 7th, the bull trendline meets the neckline of the IHS - 2 massive resistances in one. $3,950 breaks with authority and we're going to see a very big daily candle.

Note

If we fall from here, support is at $3,680.
Massive resistance lies at $3,950.

Note

Boy oh boy. This may be a very interesting new weekly for Bitcoin.
Daily is looking *strong* right now.

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