BTCUSD Bearish Pennant?
I believe BTC will break lower out of the current pennant and find support in the 8k range. I do not see the pennant reversing and breaking up, rather it looks more like a classic continuation signal to me.
Note the volume. What some might have interpreted as a bullish breakout climbed with little volume and was quickly rejected. Big green volume will be needed to indicate a true breakout and reversal on the hourly chart. Patience is key here.
Once we start moving back up our next big resistances will be the 200 daily moving average and, of course, 10k.
Note the volume. What some might have interpreted as a bullish breakout climbed with little volume and was quickly rejected. Big green volume will be needed to indicate a true breakout and reversal on the hourly chart. Patience is key here.
Once we start moving back up our next big resistances will be the 200 daily moving average and, of course, 10k.
Trade closed: stop reached
This pennant did break out, but in the opposite direction. BTC has continued to chop in a channel that will soon intersect with the current downtrend resistance. Look for fireworks there. I'm bullish short and mid term, based mostly on the HUGE volume we saw this morning running from 9-10 AM.
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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.