Bitcoin in a clear bullish ascending triangle. The previous ATH acting as resistance.
The aggressive uptrend from Oct is still intact. Last week had a "look below and fail" moment.
Price holding above the 20 DMA as well.
Long term daily chart
Price retested the .786 Fib in late November, found support and bounced twice. This area as well well the top of a long term price channel (long diagonal white line)
I've cloned the same line (red) and it seems to be the price resistance above now, there are some correlations to this line back from 2017.
RSI structure is highly defined right now. There are two clear support lines, the intermediate one just was tested and looks to have bounced. The recently sideways PA has reset RSI to the point it is no long overbought.
Next big bullish signal will be a breach and close above the ATH level.
@CryptoCheck-, Frankly I hope it doesn't go parabolic. The price action in 2017 was not sustainable. There were few periods of consolidation on the way to the ATH. The price action now is much much different.
Much of the liquidity in 17 was supplied by exchanges offering very high leverage 20:1 if not 50:1. 2020 has seen a move onto better exchanges with better security, less leverage and a larger supply of buyers with more sustainable capital.
If anything in this recent move reminds me of this rise earlier in 17