Bitcoin | Consolidation [Bull Pennant / Bear Flag]
Bitcoin is further consolidating in a tight range today.
The immediate pattern it draws is a bull pennant, but the entire structure can also be seen as a another bear flag.
A daily close above the bull pennant structure would be considered bullish, a daily close below 6.4k would be considered bearish.
The red rectangles are areas of major resistance. I assume that the prices wouldn't break above these levels without further consolidation.
Same thing goes for the support levels around 6.2k. The entire 6k area has held throughout the whole year, and I don't think that it'll break today.
The only thing that the RSI reveals is that it's a no trade zone for me.
The weekly SRSI just crossed under, so my gutfeeling is slightly bearish.
The immediate pattern it draws is a bull pennant, but the entire structure can also be seen as a another bear flag.
A daily close above the bull pennant structure would be considered bullish, a daily close below 6.4k would be considered bearish.
The red rectangles are areas of major resistance. I assume that the prices wouldn't break above these levels without further consolidation.
Same thing goes for the support levels around 6.2k. The entire 6k area has held throughout the whole year, and I don't think that it'll break today.
The only thing that the RSI reveals is that it's a no trade zone for me.
The weekly SRSI just crossed under, so my gutfeeling is slightly bearish.
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