BTC Symmetrical triangle/Pennant
Bitcoin is trading sideways last 5 days forming a symmetrical triangle and a pennant at the same time.
In modern markets there are not bullish and bearish patterns on its own. To be profitable, you need to use them in conjunction with other indicators, news etc.
Volume is declining, it's normal during the consolidation phase.
In the long run BTC is still in a bull trend, so if you intend to treat these patterns as bearish signals, that's not a good idea.
Every day, whales, like Luna Foundation Guard accumulate millions USD in Bitcoins.
So, the price target for symmetrical triangle is around 42.7k
The price target for pennant is around is around 44.6k
As for the stop loss, the "rule" says, slightly below the low of the pattern, or below the down trendline.
Investing is a probability game.
Try for consistency, there is no perfection in this.
Not financial advice. Always do your own research.
In modern markets there are not bullish and bearish patterns on its own. To be profitable, you need to use them in conjunction with other indicators, news etc.
Volume is declining, it's normal during the consolidation phase.
In the long run BTC is still in a bull trend, so if you intend to treat these patterns as bearish signals, that's not a good idea.
Every day, whales, like Luna Foundation Guard accumulate millions USD in Bitcoins.
So, the price target for symmetrical triangle is around 42.7k
The price target for pennant is around is around 44.6k
As for the stop loss, the "rule" says, slightly below the low of the pattern, or below the down trendline.
Investing is a probability game.
Try for consistency, there is no perfection in this.
Not financial advice. Always do your own research.
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