BTC has been chopping people up and it has been a no trade zone since my H&S pattern that also was put on because standard bearish divs were forming. However that trade did not work out and I am seeing something here that I have not seen posted.
BTC looks to be forming an Ascending Triangle that is a Pennant and I would expect a retest of the thick VPVR on the bottom of the Triangle around 8100 which would shake a few more people out and probably add some bears to load up shorts that could be liquidated on the way up. Target for a volume break of the resistance of this pattern would be around 9800. The volume profile on this is picture perfect. Massive volume on the flag pole and decreasing indecision volume throughout the pennant. A break either way would be the measured move of the pole, a retest and bounce from 8100 would be extremely bullish for BTC in the coming weeks.
I believe we will see the 8100 retest and then break through the top on our way to 8.8k then 9.4k then 9.8k etc. Ultimately 11.6k is a magnet and we should find our way there.
BTC looks to be forming an Ascending Triangle that is a Pennant and I would expect a retest of the thick VPVR on the bottom of the Triangle around 8100 which would shake a few more people out and probably add some bears to load up shorts that could be liquidated on the way up. Target for a volume break of the resistance of this pattern would be around 9800. The volume profile on this is picture perfect. Massive volume on the flag pole and decreasing indecision volume throughout the pennant. A break either way would be the measured move of the pole, a retest and bounce from 8100 would be extremely bullish for BTC in the coming weeks.
I believe we will see the 8100 retest and then break through the top on our way to 8.8k then 9.4k then 9.8k etc. Ultimately 11.6k is a magnet and we should find our way there.