Tri Star Top in Bitcoin

Bitcoin finishes fourth week in a row posting gains and exhibiting its 4th consecutive higher intra-week high, this week’s came within $15 of current resistance at $7,500. This week we also broke above the 21-day exp. moving average (currently at $7,019) now trading above this technical indicator for three days now the last time this occurred was from Feb. 12 – 14. For that period BTC futures on the CME traded at an average of $10,400. Those three days which can be identified as a ‘Tri-Star Top’ came right at the apex or the all-time high for 2020.

So after a four week period of bull dominated action is this recent ‘Tri-Star Top’ variation formed on a daily candle chart of BTC signal a pivot? Of coarse “maybe?” is a safe answer but I think at least for now I can say with confidence no. However it has an earie similarity to the price action leading to the correction from mid Feb. to mid-March. Yes if a bearish reversal came into play this would be how the beginning would look like, and all things equal a lot more downside in most all markets across the globe is probable due to the covid-19 pandemic.

For now I am neutral to cautiously bullish on Bitcoin and that is based upon its appearance of having safe haven allure come into play and the recent surge this week above key resistance. As long as BTC futures hold $7,000 we will see $8,000 pricing by next week.