Bitcoin continues to coil below ATH resistance, now forming a second symmetrical pennant after the first flagpole breakout. Price is wedged between the ascending trendline support and persistent ATH rejection (~109.8K) — and the next move could define the entire Phase D → Phase E transition.
🧠 Wyckoff Reaccumulation Context:
✅ Spring + Test confirmed ~May 19
✅ Multiple LPS retests held around 107–108K
✅ Two clear SOS rallies tested above the creek
📌 Currently in late Phase D, facing third rejection from ATH
⚠️ Compression Observations:
RSI (14): 49.88 → neutral to bearish momentum
Volume: No conviction from either side
Lower BB + BU lows (~107K): A logical Spring zone for a potential wick-down fakeout
Price remains within channel and trendline support
🔄 Key Scenarios:
🟡 Bullish (Spring + Markup)
Wick below trendline to 107K zone
RSI bounce + green volume spike
Break + close above 110K → Confirms Phase E Markup
🎯 Targets:
Measured Move 1: 116,199
Measured Move 2 (Pennant): 119,958
Fib Cluster: 117,444 – 118,234
🔴 Bearish Breakdown
Close below 107K LPS with volume
RSI drops < 45
Structural failure → risks reversion to AR (~100.6K) and possibly BC
🧭 Conclusion:
Bitcoin is in the decision apex of a second pennant. If we see a wick-down + bounce (Spring-like behavior), it could be the last reload before a markup wave.
But without volume and momentum, this remains a fragile structure — stay patient, let the chart confirm.
#Bitcoin #BTCUSDT #Wyckoff #Pennant #CryptoTA #BTC4H #VolumeAnalysis #RSI
🧠 Wyckoff Reaccumulation Context:
✅ Spring + Test confirmed ~May 19
✅ Multiple LPS retests held around 107–108K
✅ Two clear SOS rallies tested above the creek
📌 Currently in late Phase D, facing third rejection from ATH
⚠️ Compression Observations:
RSI (14): 49.88 → neutral to bearish momentum
Volume: No conviction from either side
Lower BB + BU lows (~107K): A logical Spring zone for a potential wick-down fakeout
Price remains within channel and trendline support
🔄 Key Scenarios:
🟡 Bullish (Spring + Markup)
Wick below trendline to 107K zone
RSI bounce + green volume spike
Break + close above 110K → Confirms Phase E Markup
🎯 Targets:
Measured Move 1: 116,199
Measured Move 2 (Pennant): 119,958
Fib Cluster: 117,444 – 118,234
🔴 Bearish Breakdown
Close below 107K LPS with volume
RSI drops < 45
Structural failure → risks reversion to AR (~100.6K) and possibly BC
🧭 Conclusion:
Bitcoin is in the decision apex of a second pennant. If we see a wick-down + bounce (Spring-like behavior), it could be the last reload before a markup wave.
But without volume and momentum, this remains a fragile structure — stay patient, let the chart confirm.
#Bitcoin #BTCUSDT #Wyckoff #Pennant #CryptoTA #BTC4H #VolumeAnalysis #RSI
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Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.