$BTC in Bullish Pennant: Target $14.5k and beyond in August 2019
Hi everyone,
Welcome to another update on Bitcoin!
Check out that long term 2019 trend line. We think it will hold as very strong support for this ABC correction, which is nearing its end.
Bitcoin is coiling in a Bullish pennant for more than a month now, with some over-extended price action.
So how is this bullish pennant (green triangle on chart) formed?
The support (lower side of the triangle) is the long term 2019 trend line (yellow).
The right side of the triangle is the neckline of the infamous inverse head and shoulders in July.
The left side is the upwards rise connecting the above 2 sides.
That's your bullish pennant!
Expecting breakout of pennant anytime in the coming 2-3 weeks as the price action coils towards the tip of the triangle, and as the C wave finishes correcting probably down to $8.8k levels (which happens to have a nice fibonacci confluence with the retracement from Jan 2019).
In Summary: we're expecting $8.8k soon, then a continuation of the rally to $14.5k targets (and beyond) in August 2019.
P.S. It's not worth taking the risk to wait to $8.8k levels to buy the dip - doing so now is more guaranteed. In fact, there is a possibility that the C wave is already in, and Bitcoin is en route to 5-digits with no turning back to 4-digits again!
Cheers,
Leb Crypto
Welcome to another update on Bitcoin!
Check out that long term 2019 trend line. We think it will hold as very strong support for this ABC correction, which is nearing its end.
Bitcoin is coiling in a Bullish pennant for more than a month now, with some over-extended price action.
So how is this bullish pennant (green triangle on chart) formed?
The support (lower side of the triangle) is the long term 2019 trend line (yellow).
The right side of the triangle is the neckline of the infamous inverse head and shoulders in July.
The left side is the upwards rise connecting the above 2 sides.
That's your bullish pennant!
Expecting breakout of pennant anytime in the coming 2-3 weeks as the price action coils towards the tip of the triangle, and as the C wave finishes correcting probably down to $8.8k levels (which happens to have a nice fibonacci confluence with the retracement from Jan 2019).
In Summary: we're expecting $8.8k soon, then a continuation of the rally to $14.5k targets (and beyond) in August 2019.
P.S. It's not worth taking the risk to wait to $8.8k levels to buy the dip - doing so now is more guaranteed. In fact, there is a possibility that the C wave is already in, and Bitcoin is en route to 5-digits with no turning back to 4-digits again!
Cheers,
Leb Crypto