Btc appears to be forming a bullish pennant on the daily. Pennants are usually continuation patterns & very rarely produce a trend reversal. The move before the pennant formation is in an uptrend, so btc is likely to continue its move upwards if it breaks up above when we reach the apex of the triangle (we're nearly there/possibly already there).
Another key point is the volume. Volume should dry up during the formation of a pennant, which is what has been happening thus far. This adds further confirmation that this is very likely a bullish pennant. However a close below $9,300 at this point would invalidate this idea.
Another key point is the volume. Volume should dry up during the formation of a pennant, which is what has been happening thus far. This adds further confirmation that this is very likely a bullish pennant. However a close below $9,300 at this point would invalidate this idea.