Bullish Pennant takes us back to at least 600 USD ?!?
So, while everyone is concerned to go back to 540 or maybe even lower. I still think we will get back to at least 600 USD. BTC just broke out upwards after making a Bullish Pennant. This pattern is effectively a pause in an uptrend. The price has moved ahead of itself with a steep rise; therefore market activity takes a break before continuing the uptrend. This pause is reflected in the decreasing trading volume. Similarly, a spike in volume marks the resumption of the uptrend.
It is commonly held that the length of the mast indicates the potential price increase. Like the Flag, the Pennant is considered to be a pause in an uptrend. Following the Pennant, the price typically jumps to replicate the height of the mast, while continuing in the direction of the inbound trend. This means we wil go up to at least 600 there we have resistance and then make a new possible uptrend to around 615.
I hope this gives you a new perspective on the economic situation of the last few days and if you like my analysis and/or my description, please like!
Have great day and good luck guys! :)
It is commonly held that the length of the mast indicates the potential price increase. Like the Flag, the Pennant is considered to be a pause in an uptrend. Following the Pennant, the price typically jumps to replicate the height of the mast, while continuing in the direction of the inbound trend. This means we wil go up to at least 600 there we have resistance and then make a new possible uptrend to around 615.
I hope this gives you a new perspective on the economic situation of the last few days and if you like my analysis and/or my description, please like!
Have great day and good luck guys! :)
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.