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BTC Trying to Rebound off the Bull Pennant

Written By: ChartChamp

May 24, 2024

BTC has been in a downswing after a rejection at previous all time highs in the yellow zone. Yesterday I discussed how the white trendline from the bull pennant could be a short-term support target. There was a wick down to this white trendline, and BTC has been forming a rebound so far. I think this rebound could take a few days to play out. I would monitor $65.6k to make sure the white trendline continues to provide support. I personally think there is a rotation from BTC to ETH, which is a very bullish sign for the Altcoin market.

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