Bitcoin preparing for a big move?
by
, 01-14-2018 at 03:09 PM (2142 Views)
Bitcoin reached its all-time high on December 17, 2017, touching $19,700 and closing in the $19,000 range, depending on which exchange you reference. The bull run leading up to that all-time high more than tripled the value of the crypto currency from its low on November 12 of $5,600.
Since that run, we've seen a lot of big swings, but it's really just sideways consolidation compared to the massive bull run.
That sideways consolidation of lower highs and higher lows is starting to form a nice pennant shape. If the price action stays in the channel, we could expect it to settle around $14,300 and then breakout to one direction around the end of the month. With this being a bull pennant, the breakout is more often than not to the upside. We will see.
Brad
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