In looking at Bitcoin you can see the red pennant pattern marked on the chart. This is the consolidation pattern BTC was initially in.
BTC had a small breakout of this pennant, but dropped back down into the same pennant.
In zooming out on the chart you can see the real pennant consolidation pattern BTC is currently in. A much larger pennant that has formed around the initial pennant.
We'll wait and see how this plays out before we know which way BTC is heading.
One good thing about the larger pennant pattern is that it's a larger consolidation marker. Meaning, a larger area of support for future movement.
In the future when BTC moves above the all time high, this area (30k - 35k) will become a strong area of support due to the large pennant that has formed and been maintained for so long.
In essence BTC has printed a really big stepping stone for support of future movement.
BTC had a small breakout of this pennant, but dropped back down into the same pennant.
In zooming out on the chart you can see the real pennant consolidation pattern BTC is currently in. A much larger pennant that has formed around the initial pennant.
We'll wait and see how this plays out before we know which way BTC is heading.
One good thing about the larger pennant pattern is that it's a larger consolidation marker. Meaning, a larger area of support for future movement.
In the future when BTC moves above the all time high, this area (30k - 35k) will become a strong area of support due to the large pennant that has formed and been maintained for so long.
In essence BTC has printed a really big stepping stone for support of future movement.