BTC forming a bull pennant

Updated

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.

Comment

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

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