BTC Bottomed?! – A Tale of Bullish Bear Pennants

BTC Bottomed?! – A Tale of Bullish Bear Pennants

Bitcoin / Dollar BITFINEX:BTCUSD


BTCUSD            

Bitcoin’s bottom to top increase in February was approximately 96% and was 55% in April/May (ratio approx. 1.7:1). In early April Bitcoin             found strong support in the low-mid $6000 region forming what looked like a traditional bear pennant but eventually broke the upside with relatively confident momentum. We now find ourselves, presently, back in the $6000 region forming what looks like another traditional bearish pennant . However, history tends to repeat itself and the pennant has formed proportionally in the 1.7:1 ratio compared to the last pennant . Therefore, I expect BTC             to break the upside of this pennant and, in turn, out of the overall bearish trend . I wouldn’t be surprised to see BTC             heading to test the May high of around $10,000 soon.