#BITCOIN - Formed a Giant Bullish Pennant

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
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 .
Work in the team of Crypto Klondike.


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Someone here will be right and someone will be wrong. There are HUNDREDS of long-term trend-lines that can be drawn and HUNDREDS of shapes or patterns to make. No matter what point it's at or what has just transpired either in the last week or last year, Bitcoin can ALWAYS go in either direction and there will always be, in retrospect, some kind of technical analysis to explain/rationalize the move. We could go to 1K from here then pop up to 50K and you can bet there would be some kind of drawable long-term pattern that would suddenly make that move seem like it should have been obvious to all of us. This is what most people still don't get about it: for retail traders, BTC's movements are completely random. TA is just our way to try to make some sense of it. The only people for whom BTC's movements AREN'T random are the ones actually controlling the movements: the whales, market makers, and exchanges.
+7 Reply
kardia CryptoTraderMark10
@CryptoTraderMark10, as is always the case, the people with the deepest pockets have the advantage in the markets. Retail traders get crumbs, if we are lucky enough to catch a ride on the coattails of these bigger players.
Jbergene CryptoTraderMark10
@CryptoTraderMark10, well said.
Bitcoin long term predictions are dumb
+6 Reply
Hi, in my opinion , this is not a pennant, but a symmetrical triangle. A pennant doesn't last that long and a pennant has a pole stick.
+6 Reply
Thanks for stealing my chart
+3 Reply
From a fundamental standpoint I don't see why BTC would ever go much beyond its ATH. The fact that BTC has not increased to the point that it has even challenged the prior ATH with western economies doing well is a major red flag. If people are not investing in a highly volatile market when things are well, they definitely will not when things are going bad. BTC is a subpar coin now, there is many other coins that are much better in terms of practical use. The sooner we stop using BTC as a proxy for the entire crypto market, the better.
+3 Reply
gwills TheAlaskanTrader
@TheAlaskanTrader, you're insane. no other crypto comes close to the protocol adoption of BTC. What are smoking and shilling? The only action is in BTC.
+1 Reply
@gwills, What do you mean? There is many other crypto currencies now that are faster and more secure the bitcoin. BTC is currently the most accepted, by small margin, only because it was the first and therefore is the most popular. Hate to tell you, the get rich quick scheme of bitcoin is over.
pjonson2 TheAlaskanTrader
@TheAlaskanTrader, BTC has consistently shown to be an inverse leading indicator to the markets. When western economies are doing well ppl don't invest in BTC because the S&P 500 & other instruments can offer better risk-reward returns. At the moment BTC only moves on new catalysts. When there is a crash, correction or recession it will be interesting to see how the market treats BTC.
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