Look At That Textbook Bull Pennant On The Bitcoin Daily Chart
Updated
Would you just look at that beautiful, textbook bull pennant on the Bitcoin daily chart! You can't get much more textbook than that. What I am thinking based on this chart is that Bitcoin will make at least one more big rally this week up to that big supply zone between 47K-49K.
How this move happens has yet to be seen. We know that none of us have a crystal ball as much as we may think we do, and we need to take the data one candle at a time, but this is looking pretty bullish to me for the week.
Now, I fully expect Bitcoin to have a pretty major correction once we get to that supply zone. That bearish order block was formed at a pretty strong level so I fully expect for people to take profits in this area and looking for Bitcoin to make a correction, or at least some good consolidation so that we have a chance to repack our bags for the next moon shot.
We are still a few months off from the mining rewards being cut in half and anticipation is building. The ETF talk has got the markets all stirred up, so I am just taking it one day at a time.
Be safe out there in the crazy crypto markets! Nothing is set in stone and this is only my somewhat educated guess on what I see happening this week!
Trade Logically!
How this move happens has yet to be seen. We know that none of us have a crystal ball as much as we may think we do, and we need to take the data one candle at a time, but this is looking pretty bullish to me for the week.
Now, I fully expect Bitcoin to have a pretty major correction once we get to that supply zone. That bearish order block was formed at a pretty strong level so I fully expect for people to take profits in this area and looking for Bitcoin to make a correction, or at least some good consolidation so that we have a chance to repack our bags for the next moon shot.
We are still a few months off from the mining rewards being cut in half and anticipation is building. The ETF talk has got the markets all stirred up, so I am just taking it one day at a time.
Be safe out there in the crazy crypto markets! Nothing is set in stone and this is only my somewhat educated guess on what I see happening this week!
Trade Logically!
Order cancelled
Well this was a failed pattern. Whales in the crypto markets are doing whale kind of things and broke the price pattern not only on Bitcoin but on basically the entire market.Trading is a game of statistics and probabilities. Nothing is ever 100% certain so you always have to be aware of risks and manage them wisely.
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