Looks like BTC is printing a bullish re-accumulation formation - Bullish Pennant at the topside resistance from the weekly timeframe
And seems like we had the same formation in May 2019
💡Just compare these two market structures and you will find out that they look very similar:
Same rejection by 0.236 Fib in both cases, same Flash Crash after a higher high (2)
And on the whole, the Fib levels have been pretty much respected by both pieces of price action
📍No major reversal until 11k is broken, but going below 0.236 Fib (11.4k) on the closing basis would be concerning for the bulls
And seems like we had the same formation in May 2019
💡Just compare these two market structures and you will find out that they look very similar:
Same rejection by 0.236 Fib in both cases, same Flash Crash after a higher high (2)
And on the whole, the Fib levels have been pretty much respected by both pieces of price action
📍No major reversal until 11k is broken, but going below 0.236 Fib (11.4k) on the closing basis would be concerning for the bulls