BTC Technical Analysis - Bullish Price Action following Consolidation
We are seeing a Pennant pattern form on Bitcoin BTC charts, as well as ETH and other Alt-coins. This reinforces the consolidation we have been seeing in the space following the recent rampant buying and increased interest. This pattern is often followed by a breakout, either up or down, accompanied by heavy buying or selling volume.
A breakout to the upside and a continuation the trend implies near-term resistance of $3000. We are looking for confirmation of the upward trend in BTC following a breakout of this pattern on heavy buying volume.
Downside support levels remain at $2400, $2250 and $2000 on BTC in the event of a breakdown of the pattern. $2400 marks a short-term support price. BTC has traded below this price since the June run-up and highs but has never closed below this price. A close below $2400 reinforces a bearish sentiment.
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STOP$2400 support on BTC is being broken in today's trading. Since June 12th highs, BTC has tested this price 4 times but never closed below it. A close below $2400 today on heavy volume indicates a change in trend and a bearish sentiment in Bitcoin. Share your thoughts and technical analysis! @snapcharts
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