#BTCUSD Update : (Daily Chart) : CME Future Chart
Form Charts above it looks like we are consolidating into a Bear Pennant, To explain Bear Pennants I have posted 2 Charts above, it generally breaks in the direction of Trend, If that happens, My next Target will be 2400 or below.
Admin Thoughts : What I personally feel on Bitcoin that there is still a big chance that we break this Pennant upside, However we can retest 200 MA one more time and also complete a healthy Correction of 78.6% level near 3460-3500. The reason behind being a little bullish is Market sentiments, as I have seen Bitcoin breaking such Bearish Pennents upside, I can post several examples here which I have already did in past as well, That Bitcoin likes to break Pennents and Flag Patterns opposite, when its on an Important S/R level, which can be same in this case.
Second case : We cant rely on any Pattern only as there are chances , Bitcoin may not respect this Pattern at all and keep consolidating in the range, as we saw a fake weekend Breakout last week on many exchanges as but not on CME futures chart as they dont deal on weekend. in this situation we will have to be more focussed on Market Sentiments, where chances are Neutral for now. As per my knowledge, highest Number of Bitcoin Long Contracts were bought on the Previous low in Feb near Date 18-19th, which do indicates a big amount of money entered into market which can lead this consolidation a little bit longer.
However I am not 100% of calling it a bottom for next Bull Run, Not at all, But I expect a Bullish rally from this Pennent which may leads to Capitulation after that in upcoming weeks or months. Well Trade safe with Alts with your Stop losses and Sell Targets, This is what I can recommend you best.
Happy Trading 👍🏻