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Bearish Pennant

EURAUD | Perspective for the new week | Follow-UpAfter enjoying 200pips move on four different occasions (a total of 800pips) since my last publication ( see link below for reference purposes); we are at a juncture in the market for selling opportunity as Buyers find it difficult to penetrate and breakthrough AU$1.57000 zone in the last 3 months. On the weekly chart; I am of the opinion that the third wave of a Bearish momentum that began mid-March 2020 is about to explode again after noticing the appearance of a converging trend line holding a consolidation phase in the last couple of months. The successful Breakdown of Key level @ AU$1.56200 followed by multiple rejections of this zone (Supplication area) signals the possibility of Seller's turning the table for a nosedive as the value of the Aussie has a tendency to soar in the coming week(s). Tendency: Downtrend ( Bearish ) Structure: Breakdown | Supply & Demand | Pennant Observation: i. Bearish Pennant: a consolidation period with converging trend lines formed after a Bearish Impulse leg (Flag-pole) is expected to be followed with a breakout movement in the same direction as the initial Impulse leg. ii. In as much as I anticipate a Breakdown of the converging trendline to the downside, the key level @ AU$1.56200 shall be a yardstick in the coming as anywhere below this level seems to be a safe haven to trigger an entry. iii. I shall anticipate adding to my position at the Breakdown/Retest of AU$1.55000 area in the coming week(s). iv. CAUTION: Please note that a Break above AU$1.56500 shall render this setup invalid and reverting to my previous publication (see link below) becomes necessary for a rally continuation... Trade consciously! :) Trading plan: SELL confirmation with a minimum potential profit of 400 pips. Risk/Reward : 1:6 Potential Duration: 7 to 15 days NB: This speculation might be considered to make individual decisions on the lower timeframe. Watch this space for updates as price action is been monitored. Risk Disclaimer: Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility. You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment. I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith. Past performance is not necessarily indicative of future results.
Short
by darcsherry
BTC Inverse H&S or Bearish Pennant?In the past few hours, Bitcoin looks to have started to break out of a bearish pennant (red dashed lines) towards the positive side out of what looks to be an inverse head and shoulders pattern on the 1-hour chart. If the trend continues past 51-52K, there is potential for the price to head upward to 54-55K based on retracement back upward to near the 61.8% Fibonacci extension (from the recent high near 60K) as well as based on the neckline/head length of the inverse head and shoulders pattern (yellow dotted line). However, as I stated before, the trend looks to have formed what looks to be a bearish pennant, so there is still a good possibility of a fake out such that the price could retreat back downward and continue to plummet downward toward 42-43K. Hence it looks like the next day should give a few good indications as to whether the price will continue BTC's demise or if a slight reprieve might be in order at least for a few days before any further paths downward. Although there are some good divergence indicators to the positive side on the daily chart, from what I can tell it is likely too early to tell which direction the trend will head. As always however, this is not meant as financial advice and is solely my opinion which could easily be wrong particularly during the tumultuous trends from the past few days. But please like or leave a comment if you agree or see anything differently.
BITSTAMP:BTCUSD
by crypto_trends
BTC USD 4H. Bearish Pennant..Small 'Bart Simpson' Incoming? Line chart of BTC. Here we have a nice example of a bearish pennant. But, these do break to the upside as well. I think this one will! Partly because BTC.D (Dominace) is about to touch strong support. A little 'Bart Simpson' pattern may emerge to climb above the 180 EMA to around $60500 USD. But, this is where we may see a rejection as price at this level will be retesting the bigger of the two ascending channels lower trend line! If we get over that then then I would imagine a challenge of the ATH a distinct possibility. Short? It needs to be addressed. Although I am long, the short possibilities need to be recognized. The bottom trend line of the bearish pennant is in red. I will be paying particular attention to any break of this pennants support. The second area of defense I am particularly interested in is Trend Line A. I would rather not see that get broken. This will definitely invalidate my long idea! Two ascending channels shown. From the steeper one we have moved into a more shallow one. We could be gently rounding off if we carry on losing momentum.
COINBASE:BTCUSDLong
by iDoji
COIN bearish pennant breakoutI am usually not much of one to talk about stocks as much as cryptocurrencies (as my username indicates), although I feel like it would be an injustice not to mention the current breakout of a bearish pennant for coinbase. It started to form a wedge yesterday, but looks like it has broken downward today. As with most IPOs it is often tricky to determine trends immediately, but it looks like COIN is perhaps starting off heading downward first. As to whether BTC's current downtrend will have any effect on COIN or vice-versa should be interesting to keep an eye on, as the correlation might begin to show itself over the next few weeks/months.
NASDAQ:COINShort
by crypto_trends
Gold's descending/bearish pennantWe was supposed to post this idea yesterday when Gold was still around 1717, we did our analysis and with our fractals lined up perfectly, we were able to see the bearish pennant even without trend lines. In our previous idea, we talked about Gold's Head and Shoulder pattern, it has completed a shoulder and it's still trying to form a bottom for it's head, it hasn't really found that support to hold it''s head yet, whenever there's a support, it breaks it and makes another low. Gold did a fakeout to around 1687 and revered back up to 1699. My Idea is that if it breaks below the pennant without faking out, we are getting a move down to the 1650 area but if it doesn't break below the pennant, we are definitely getting a retest of the resistance at the 1720 area . This is not financial advise, this idea is for educational purposes only and a way of giving you guys another perspective different from your own.
FX_IDC:XAUUSD
by LaBOSS_FX