Bitcoin seems to be forming a symmetrical triangle, which many would identify as a bull pennant. The caveat I give there, is that pennants often lose support, making people bearish - but then form bull flags, which are parallel channels down. So always be careful in these situations.
That said, we have a touch at the high, then a touch of support, then two candles touching resistance, then another potential candle now forming a second support. That would confirm the triangle, with 2 alternating up and down touches.
We also have potential tweezer bottoms on the daily, with the two wicks. We need to see a daily close with the current low holding for the tweezer and triangle to be valid.
I still view chop as the most likely scenario for a bit.
That said, we have a touch at the high, then a touch of support, then two candles touching resistance, then another potential candle now forming a second support. That would confirm the triangle, with 2 alternating up and down touches.
We also have potential tweezer bottoms on the daily, with the two wicks. We need to see a daily close with the current low holding for the tweezer and triangle to be valid.
I still view chop as the most likely scenario for a bit.
scott.melker@texaswestcapital.com