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BTC/USD Bullish Pennant

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Bitcoin took a little bit of time to consolidate after the huge rally. The bulls are gathering enough energy to take the price higher again. The size of the next breakout could equal the size of the earlier move, which would take us around $3373. Hold on to your seats, rocket launch incoming.

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Touched resistance line, headed back down

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It's refusing to go down, fighting hard. We might have an early breakout on our hands...

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That was exciting for a moment, but nope, didn't have enough volume to break through. Ladies and gents, we are headed back down towards the support line.

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Ok, we're getting to a critical zone here. A few options:

1. It may bounce back up around 2725.

2. It may bounce back up around 2700.

3. If it breaks the pennant support line, there is a very strong support below at 2650.

If it bounces up at any of those 3 I believe the next upswing will be a major breakout. If selling pressure is very strong and none of the support lines hold, it could go as low as 2500, but I see that as highly unlikely.

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Bitcoin has not had enough buying volume to break the top of the pennant. If it doesn't break the top in the next 12 hours or so, we will likely drop below the bottom of the pennant to test the 2650 support line. Even if that happens I am still extremely bullish on bitcoin, we may just need a drop to gather our bulls before we can push upwards.

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We might have a breakout!

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Nope, false alarm, still no volume behind it. And back to waiting we go...

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Just broke bottom of the pennant at breakneck speeds, looks like we're headed to 2650 support line

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2650 support line held, this may have been the boost we need, we may now be headed to new heights. Stay tuned.

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We're going down