Bitcoin Consolidating In A Bull Pennant? for COINBASE:BTCUSD by ScottMelker — TradingView
Bitcoin appears to be consolidating in a bull pennant. I have not checked the chart in over a week as I have been on vacation, and little has changed – including the price.
A pennant has a descending resistance and ascending support. Remember, this can easily turn into a flag, a descending parallel channel. For that to happens, support breaks… people get bearish, only to see another form of bullish consolidation. So be careful.
Price is clearly interested in the $42,000 key area here, no surprises.