Good News & Bad

I'm afraid I have a mixture of good news and bad for Bitcoin today...

Lately, I've been looking closely at the 4 hour charts to try and spot a potential reversal, but the triangle pattern from the other day (which broke as expected) hasn't given us the start of new upward momentum.

So, I decided to take a more zoomed out look to see what was going on, and have spotted some good and bad signs, so let's take a look.

The Bad

I'll get the bad news out of the way first. Here we can see that uptrend (which I forgot to include on previous posts, big mistake!) has been broken:

https://www.tradingview.com/x/1qVeAFlt/
Daily Chart

This obviously isn't a good sign.

The support level that was keeping prices up is also being tested right now too, and the support that was offered by the recent triangle pattern is also being penetrated on the 4 hour chart from yesterday:

https://www.tradingview.com/x/q9sLetZs/
4 Hour Chart

The MACD which I posted yesterday, that looked to be turning bullish, has also gone bearish once again too:

https://www.tradingview.com/x/Iv4eov4m/
Daily MACD

The other thing you may notice, is that volume is still very low in the Bitcoin market at the moment.

So where's the good news?

The Good

The good news is that the period we're in currently - while not very bullish - could be part of a bullish penant pattern. Here it is here:

https://www.tradingview.com/x/CYfRu28W/
Daily Chart

That drawing is merely a guess. It can (and probably will) change in shape and need to be redrawn, especially if we see lower lows. But it looks like a classic Bullish pennant pattern to my still learning eyes.

Any thoughts on the above? Let me know below!