Bullish Pennant: The Most Relevant BTC Chart

Unless there's a major breakdown, I believe this is still in play. I'm converting vulnerable alts to btc, and putting in a tight stop loss to protect my profits for the week.

Comment:

So far this is still in play. Normally I would be expecting a major breakdown around this level, but given what I've outlined in my previous post I think there's a chance we make new highs. BTW I'm watching some major cap alts that are also in accumulation. Albeit, there are some vulnerable alts that I've already converted into bitcoin.

Comment:

If we didn't have such a big rise to date, I'm confident most traders would have loved to long this. However, many traders (including myself) are worried about trend exhaustion. Based on my TA and macro analysis, I firmly believe another break out is possible. As always DYOR and get as many perspectives as you can before entering into a position. The reward to risk ratio at this point isn't very good. If your going to enter a position make sure you plan for a potential move to the downside.