Bitcoin in a likely bullish pennant formation
Updated
Here are few interesting price levels which btc used as support and resistance.
The 2019 bull run reached a high of around 14k which was the 0.618 fibonacci retracement level (in white) for 2018 bear run that started from 20k all the way down to 3k.
The 2019 low reversed at the 0.618 fib retracement level (in yellow) for the 2019 bull run where the price increased from 3k to 14k.
Recently bitcoin broke out of the T1 trendline which has been the resistance for the 2019 bear market signalling bullishness.
Now if we consider the 2019 bear market to be over, then the 2019 low of 6.4k will be the low for the bear market. The 0.618 fib level (in green) for
14K to 6.4k retracement is around 11k.
This price level will intersect at some time the trendline T2 which is formed by the 2017 & 2019 bull run highs.
In addition, the trendline T2 along with the bottom dotted yellow line which has acted as historical support forms a bullish pennant.
Breaking out of T2 will be very bullish however a price drop is expected after the May halving .
Long term view is bullish.
Note: This is not financial advise. Please do your own research.
The 2019 bull run reached a high of around 14k which was the 0.618 fibonacci retracement level (in white) for 2018 bear run that started from 20k all the way down to 3k.
The 2019 low reversed at the 0.618 fib retracement level (in yellow) for the 2019 bull run where the price increased from 3k to 14k.
Recently bitcoin broke out of the T1 trendline which has been the resistance for the 2019 bear market signalling bullishness.
Now if we consider the 2019 bear market to be over, then the 2019 low of 6.4k will be the low for the bear market. The 0.618 fib level (in green) for
14K to 6.4k retracement is around 11k. This price level will intersect at some time the trendline T2 which is formed by the 2017 & 2019 bull run highs.
In addition, the trendline T2 along with the bottom dotted yellow line which has acted as historical support forms a bullish pennant.
Breaking out of T2 will be very bullish however a price drop is expected after the May halving .
Long term view is bullish.
Note: This is not financial advise. Please do your own research.
Note
Currently following the green drawing.
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