BTCUSD Continues With Downside Opportunity
Let's recap on a couple of patterns. The pennant is often used as a continuation pattern in price. Here you have two of those. The pennant is comprised of two things. A pennant and a pole. In each example you have a beautiful break out forming the pole of each pennant. Price continues in an upward fashion from these two formations. These patterns have formed up well and have performed accordingly. Next you have the rising wedge. Rising wedges are considered bearish patterns and contain price action that tightens into a wedge formation. Often the earlier the break out the stronger and further the decline in price but not always. This example has formed up well and performed accordingly as you can see that price broke early and down and out of the wedge and has continued it's path. So the patterns have formed well and performed well. Patterns do not always follow their text book rule of what should happen. This is why it is important to have an excellent feel for markets and their rhythm. And that part comes from the inside. This will fill the gap when you have honed this skill. You will do quite well.
Look for further downside at 6962 and 6775 for now.
Look for further downside at 6962 and 6775 for now.
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