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Bitcoin / TetherUS
Updated

BTC forming a bull pennant

106
As we can see BTC is forming a pennant within the 0.236 and 0 fib level. BTC.D is also trending downwards, suggesting a couple of days for alts to pump while BTC consolidates in the pennant before breaking in either direction.
Note
snapshot hey everyone quick update on btc we can see that it actually bounced right off 34500 which is the same level that the pennant is consolidating to. As we are still in the pennant, I do not expect BTC to break completely below the pennant and alts to remain bullish. However, as mentioned, if we break below this structure, then it is more likely that alt season is over and we will be in a short term bear market
level30nick
Trend Analysis

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Trend Analysis
level30nick

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.