BTC near tail end of bullish pennant
Updated
With sentiment pointing at extreme fear for weeks now, BTC is near a bottom. RSI bottomed on December 10 and has been rising steadily making higher lows. We've seen a similar consolidation happen back in July before a massive multi-month rally. These consolidation periods feel like they last forever, but if you zoom out you'll see that they are just a normal part of retracing a larger gain. Note the consolidation is occurring between the 0.5 and 0.618 Fib retracement level of the larger rally so perfectly wedged in a normal retracement range.
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If you found value in this post or you've been receiving receiving good value from my posts, I'd appreciate a Thumbs Up and a Follow if you haven't already done so. Thank you.
DISCLAIMER: All investments involve risk or loss. None of my posts should be construed as financial advice. You are responsible for your own financial well being so always do your own diligence.
Note
Let's see what the next few days hold, but we have a solid break of the upper trend line!
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