BTC bearish pennant forming
Updated
Today's pa looks pretty much like a bearish pennant to me, with the sharp drop of Thursday/Friday acting as the pole. Downtrend continuation is fairly possible given the current sentiment throughout financial markets. If breakdown there is, we're looking at Monday 12 AM at the latest with that pattern, that time corresponding to the opening of stock futures so chances are we're in for some action by then. If breakdown first target to look out for is 38k .786 fib retracement from ath.
Note
Additional clue: the volume has been falling since we've started consolidating inside the pennant, which is in favour of a successful pennant formationNote
another small bearish pennant forming at the moment, visible more clearly on time frames lower than 1hr. We're pretty close to the .786 fib retracement level which should act as strong support until stock futures open at least.
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