The Climb has been made... Crucial Junction for BTC!
Hello Ladies and Gentlemen, welcome to this analysis on Bitcoin! So quite a lot of my past analyses were all about these pennant's I've been seeing. Well, two analyses ago a mentioned how we'd hit the bottom of the pennant and I thought we were ready for a drive to the top - and we did! I admit I got a little hasty on my last analyses, thinking I saw a retest when in fact the market reversed a little early before touching the bottom trend, forming a double bottom rather than a retest. In the ensuing time, Bitcoin decided to play nice and push right back to the top of the pennant. Now, though, the time for shorts has come. Not only does the hugely resistant trendline downwards near the price action, but the base of the last pennant, that is resistive in its own right, is converging to a point; not a good sign for bitcoin's moon. In addition, the new standard deviation indicator I've been working on is showing some bearish divergence (the massive rally up to the current high). However, what I would say is that we still stand a chance for those lambos. I would short heavily now, with a stop-loss just a little above the pennant; the ensuing rally that would come after the breaking of such a crucial trend line will cancel out any loss made in being closed out of your short. However, a successful short could bring us as low as the high six thousands again (~6,800), so that's about a 25% short profit on a 1:1 leverage. So, have at it, and please leave a like if you found this analysis useful!
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