#BITCOIN - Formed a Giant Bullish Pennant

12 Des 2019

Bitcoin Chart is forming a bullish pennant, following all the rules of correctional patterns. Currently, we can see how the price is re-testing the support level, which is the last part of the bullish pennant formation process.

I've marked all important things on the chart: zones where the price positively reacts on harp resistance Fibo levels. Moreover, you can notice that every change of the trend is accompanied by the break out/down of the resistance/support mentioned on the chart (check orange marks).


Besides this, I've noted level where the price is moving outside of the bottom forming cycle, through the pennant Fibo levels, to the top forming cycle.


Thanks to all these factors we can consider this pattern as a bullish one. The first target, after a breakout, will be located in the zone of the ATH, namely, close to the $20000. And then we all know what will happen. The breakout of the ATH level will bring new and fresh powers to the market. But before this, BTC will need to dump to the lower levels which are located in the zone of $4000 - $5000, from where it will be able to reversal and move to the ATH.