BTC Pennant Pattern

Updated

Bitcon graph shows finishing pennant pattern. Volume is decreasing, RSI is moving around 50 points and DMI shows equal struggle of bulls and bears. We should watch the price action closely to catch the movement. Will it be bullish or bearish? Who knows, but it will be decided in next couple of days.

Note

Bitcoin is testing support level at 13000. If this support will be breached, we can expect further downward movement to MA100 (11 000$) and next strong psychological support level at 10 000$. We can also expect price of ether to copy the development. So watch both currencies closely.

Note

Bulls have won first battle but war is not over yet. Price bounced from 13k support and moved 600$ up ,but is slowly falling back to 13k support. We should wait for next round.

Note

Bitcoin is facing 2nd attempt of bears to move market lower. Bottom trend line of the pennant is holding so far, but price has already entered the cloud indicating possible trend reversal. We will see. If the Senkou B line is breached bitcoin will enter bearish trend and price will most likely move to next resitance levels of 11 000 and 10 000.

MajklDaky

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.