I believe BTC will break lower out of the current pennant and find support in the $8k range. I do not see the pennant reversing and breaking up, rather it looks more like a classic continuation signal to me.
Note the volume. What some might have interpreted as a bullish breakout climbed with little volume and was quickly rejected. Big green volume will be needed...
Happy with the current jump but waiting on volume and a break of the upper trend line here to really get excited. Drinking some coffee and taking another look. I am long from 9213.
I'll play devil's advocate.
Massive bull sentiment right now in the markets, but we are approaching the 200 daily MA which has firmly rejected BTC on the last two attempts. The 200 MA also overlaps neatly with trend line from the previous two lower highs formed on 3/21 and 4/26. Coincidentally, we are also approaching the giant round 10k number.
Notice also...
BITFINEX:BTCUSD As you can see on this 15 minute chart, BTC has broken lower out of the lovely support it established during the breakout on 5/3. Hopefully it'll pick back up quickly, but let's look at three support possibilities in the meantime.
A possible Head and Shoulders formation exists if we find support in the upper green box. A bounce here followed by a...
