Bullish pennant is building up. Breakout to 11'000 imminent
Updated
LONG SCENARIO:
After all the fear and doubt that were raised during the last week, BTC did not fall back below 10k, to the abyss of 8.5k. During the last 24h, a build-up has formed, which indicate the will of the market to push upwards despite the uncertainty.
This bullish pennant forming is the second shoulder of the reversed head and shoulder pattern, which indicates me a probable raise to 11k at least to go out of the bearish tunnel.
After all the fear and doubt that were raised during the last week, BTC did not fall back below 10k, to the abyss of 8.5k. During the last 24h, a build-up has formed, which indicate the will of the market to push upwards despite the uncertainty.
This bullish pennant forming is the second shoulder of the reversed head and shoulder pattern, which indicates me a probable raise to 11k at least to go out of the bearish tunnel.
Note
bullish pennant worked with now a current consolidation for a further push. I expect soon 11000 with a clear cut, maybe 11'100. then it could proceed to a new pennant until reaching 11 300. that is the scenario for the following hours.
Note
Almost 3 days after the 2 attempts to break above 11k, the market decided to test the support limit at 10k.After 24 hours we can make the following conclusion:
Market is constantly buying all the attempts to make the price dropping below 10k. They never last more than 15 min -> strong rejection.
I am more and more convinced of a bear trap
Note
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