Bitcoin: Channel Compression; A Bullish Narrative
Coming off of a parabolic advance to nearly 20,000 US dollar bitcoin's previous move acts as one big pole upward that ultimately leads to a massive multi-year ranging channel. Zoomed out we're essentially inside of one giant bull pennant. We have set consecutive higher lows, and lower highs, meaning the market is compressing. The recent drop in my opinion is likely due to the asian markets selling off everything for survival during a month long quarantine. America followed suit, and cascading liquidations took BTC down into undervalued territory. [CONTINUED BELOW]
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