undolifestyle
Long

Bitcoin maintaining parabolic trend along with a bullish pennant

BITFINEX:BTCUSD   Bitcoin / Dollar
Bitcoin has been forming increasingly steep trend channels, producing it's parabolic ascension in price. It show's no sign yet of breaking this ascending curve pattern. It is now forming a bullish pennant pattern after retracing 61.8% on it's last impulsive move. I would expect Bitcoin price to break up out of this pattern and continue to trend up in it's latest channel.

If it were to break down further, it would need to find support on top of the previous resistance of channel 2, indicated in blue, in order to preserve it's parabolic market structure. If it breaks below, back into the previous trend channel, we'll need to reassess the parabolic curve.
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