short term bullish pennant Vs. longer term ascending channel
Updated
Hi everyone
if you followed my last publish on Bitcoin you can remember I mentioned about
the consolidation periods after drop. at the chart below also you can see how
the price dropped deeply after breaking the channel line downward to respect
the bearish ascending channel rules.
for now price is forming a pennant or triangle and based on this forming...
a short term upward pressure is expected. also if this scenario works then another
ascending channel pattern will shape and based on that the market would see a bigger
downward pressure.... but this strategy is not what we expect for now so our focus is
on short term bullish strategy. based on this strategy if the price could mange to close
above the top line of the pennant has strong chance to move upward.
however this move may takes a little more days to happen.
let's see
Enjoy the market
if you followed my last publish on Bitcoin you can remember I mentioned about
the consolidation periods after drop. at the chart below also you can see how
the price dropped deeply after breaking the channel line downward to respect
the bearish ascending channel rules.
for now price is forming a pennant or triangle and based on this forming...
a short term upward pressure is expected. also if this scenario works then another
ascending channel pattern will shape and based on that the market would see a bigger
downward pressure.... but this strategy is not what we expect for now so our focus is
on short term bullish strategy. based on this strategy if the price could mange to close
above the top line of the pennant has strong chance to move upward.
however this move may takes a little more days to happen.
let's see
Enjoy the market
Note
if the 28K support level can not hold, then price will hit around 26700 to make a double bottom. depends on the sentiment of stock market price can even test around 25K so the best strategy is to stop buying and wait to see where the price will find a solid support.Trade active
price still moving into the pennant area and squeezing more at the same time. meaning a bigger move is on way. if break our dynamic resistant line can hit 32K and more. but if declined and broke 28K then we can expect 26700 or less.Trade active
finally ...the price closed above our dynamic resistant line with a good candle. if the line can
hold price upward then our 32K and even 34K target will hit.
below the line meaning 28800 is still strong support for us, let's see
Trade active
the bull finally pushed the price upward.first target hit and after a retracement correction we can expect another impulsive move to second target 34K. our trailing stop would be below 30340$.
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