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Bullish Pennant

Bitcoin Bull Pennant? Can we see 40k and say bye bye to low 30s?Just strictly educational, can this be a dip that may be the one we need for a huge pop to the high side? I have actively traded bitcoin in the summer in the 4-10k range and wish i kept way more from that point now got put around 10k into bitcoin around 18,6-7. I am absolutely LONG on bitcoin, have stop loss set it 28,500 for half of what I have just incase it does want to get run down to the teens again (which I wouldn't mind, it would be a blessing. Lets go Bitcoin!
COINBASE:BTCUSDLong
by ArmaanOG
2
USDJPY long setupOn the weekly timeframe market has rejected weekly support with a bullish engulfing candle. On the daily market has broke above daily resistance with a bullish impulse, followed by a correction to retest the previous resistance now turned support and has rejected the new support a number of times. also forming a nice inverted head and shoulders from a daily perspective.... On the 4hr TF market is consolidating in this bullish pennant pattern (on the right shoulder) we are waiting to see if market will break above the mid support line of the pennant, then if all of our entry rules are met we will be taking a nice long. TP will be the 0.272 of the fibonacci taken on the daily retracement.
Long
by BullmarketFX
Chainlink : Great example of a Bull Pennant PatternHello traders! Just a quick analysis and a bit of educational information on LINK (Chainlink). The weekly chart is looking quite strong and with many altcoins including Ethereum showing strong uptrends we are definately in the correct enviroment for this type of chart pattern to have a high probability of playing out. Bull Pennants are a little different to Bull Flags but are almost identical in appearance and are traded basically the same. The most important factor in identifying any flag or pennant pattern is the clear "staff" or "flagpole"; there should be a straight run upwards leading up to the pattern or it is not a valid pattern. After the straight run upward price starts to Zig Zag between two converging trendlines forming a tight wedge (it can be slanted, or even symmetrical) until the price "breaks out" above the upper trendline signifying a possible continuation in trend upwards. Bull Flags and Bull Pennants have the highest success rate out of any pattern and work extremely well when paired with long term support & resistance areas. Enter at the invalidation point of the pattern (A), second entry on the bullish retest (B). Pennants that are “tighter” have higher success rates, look for patterns forming on top of long term resistances (not below) to increase probability of success also. Pattern height is measured and added to swing low before breakout for possible target. Sometimes large size traders can generate liquidity by faking out under the pattern support as we can see on this current example with ADA. The liqudity generated by triggering stop losses underneath the pattern can fill large position sizes for whales and is a good indicator for a long once the price confirms support back inside the pennant . Some key points: • PRICE MUST MOVE STRAIGHT UPBEFOREHAND • MIN 2 Touches each side on almost symmetrical looking wedge • HIGH SUCCESS RATE • BEST ENTRY IS often when price fakes out under support • Pattern height is measured and added to swing low before breakout for possible target Chainlink (LINK) is an Ethereum-based token powering the network of decentralized oracles. The Chainlink network allows uploading information to the blockchain from any third-party services. It ensures the functioning of smart contracts that rely on external data. It is looking to have a strong year in 2021 along with other defi related projects, many are currently bottoming out. Dont forget to hit like & leave your comments if you like the idea thank you traders!
Long
by Worth_The_Ri5k
12
Bullish Pennant for Bitcoin?Bitcoin has been creating so many moderately predicable bullish patterns, however, it's tricky swing trading due to fake-outs occurring regularly. Clearly, BTC is trading in a Bullish Pennant, however, that's always subject to change if the green upward sloping support of the pattern doesn't hold. I have colored the bullish pennant green for ease of visualization because I like leaving previous patterns on my chart to get a sense of the Macro trading environment and areas of confluence, looking back at patterns in hindsight can be a learning experience, no matter how good you are at trading there's always more to learn, especially trading crypto. RSI is showing a descending triangle with a noticeable bearish divergence. since Jan 5th we've seen the price rise but the RSI traded sideways and downward creating lower high after lower high... It's very likely the bulls defend the bottom area of the descending triangle, expect a bounce near term. The KST's seen a bearish cross & is trading in a not so perfect descending channel, I am expecting a bullish cross near term because we're oversold and it would characteristic given the trend thus far.
COINBASE:BTCUSDLong
by ScotianBot