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Bullish Pennant

BULLS REMAIN IN CONTROL (READ DESCRIPTION)The bears had their time over the last couple days with no significant drop . Gold bounced from some strong support levels, indicating the bulls are still in control. Price is currently in a consolidation zone between 1580-1640 and may stay within this range for some time before a breakout occurs. It will test the 1640 level next and if it breaks past, we could see a run to test 1700 again. Outlined are two bullish pennant patterns. Key support outlined with solid blue lines, key resistance in solid red lines. Overall, looking like the bulls have maintained control, also due to strong underlying fundamentals. What are your thoughts? Make sure to follow for more!
FX:XAUUSDLong
by PerryWave
3
3hr chart symmetrical triangle now the dominant pattern.After some peculiar price action it now seems the most valid timeframe for a symmetrical triangle here is the 3hr chart. It is always a bit of a risk looking for a pattern on a 1hr chart so having to move to the 3hr chart to find a symmetrical triangle that was still looking valid doesn't surprise me.; In general I usually stick to the 1 day and 1 week charts but went with the 1 hr chart this time around because there were so many valid touches from the candlesticks....ultimately even if this 3hr symmetrical triangle starts looking wonky, we we likely maintain the 1 day basic bullflag it isnt until the 1day chart bullflag gets invalidated that we need to worry about bearish confirmation.
COINBASE:BTCUSD
by DrDovetail
potential super long bull pennant on xrpeth?At least on the bittrex exchange we saw a ridiculously long bull wick recently on xrpeth...Afterwards we formed an equilateral triangle and both its bottom and top trendlines were drawn better by wicks than candle bodies...thus meaning we should measure the pole of the symmetrical bull pennant by the wicks as well...If this is indeed the case and we measure the pole by the wick, then that gives this bull pennant some tremendously bullish upside that could easily lead to a sustained golden cross on the xrpeth chart which no doubt if it hit that target would allow xrp to easily reclaim the number 2 spot from ethereum. I assume the wick isnt as big on other exchanges though so if thats the case this may not be a valid emtric to rmeasure the breakout target on but either way looking at the volume that came ion as we broke above the top trendline of the symmetrical triangle..it should be enough of a bullish breakout target to lead us to a potential golden cross even if we cant measure it by the poles massive bullwickm. If the golden cross is sustained I amy have to flip my eth holdings to xrp at least temporarily.
Long
by DrDovetail
ADA breakout rejected (for now) ! ADA breakout has been rejected/postponed (for now). A nice upwards channel formed on 4h . So far movement in the chart has been steady and backed up with good volume. Price got rejected and might have to cool off a little bit or consolidate in the currently forming bull pennant and then attempt to go up again. Even if we visit bottom of the channel the chances for a new breakout attempt in the coming days is big. Supply zone sitting right above 700 Sats (worth to keep in mind as well).
by megaprofits
BTCUSD breaking up from current bull pennant?If we break out bullishly here, it looks very bullish indeed, we have a couple horizontal resistances to overcome the current one at 9595, and the grey horizontal a few pips above that...the projected breakout target also requires we break above this turquoise horizontal as well and if we were to do that that would be a HUGE bullish sign BTCUSD will have achieved the ever important higher high...I anticipate it will at least rise up to meet this horizontal if it breaks out here if it doesn't reach the entire bull target....I also expect a correction afterwards to create a handle on what will then be a freshly formed cup...if it does this that cup and handle once broken can take us above 14k but I anticipate the handle will dip down far enough to fill the gap around 8.5k before heading back up to the rim of the cup. 1st and foremost however we need to breakthrough the current strong resistance of 9595 to be confident we are going to see a bullish breakout here.
BITSTAMP:BTCUSDLong
by DrDovetail
Bullish Pennant?Possibly a descending triangle? A pennant is a continuation pattern in technical analysis formed when there is a large movement in a security, known as the flagpole, followed by a consolidation period with converging trend lines - the pennant - followed by a breakout movement in the same direction as the initial large movement, which represents the second half of the flagpole. Pennants are continuation patterns where a period of consolidation is followed by a breakout. It's important to look at the volume in a pennant—the period of consolidation should have lower volume and the breakouts should occur on higher volume. Most traders use pennants in conjunction with other forms of technical analysis that act as confirmation. Pennants, which are similar to flags in terms of structure, have converging trend lines during their consolidation period and last from one to three weeks. The volume at each period of the pennant is also important. The initial move must be met with large volume while the pennant should have weakening volume, followed by a large increase in volume during the breakout.
CSE:TNYLong
by ScotianBot
#Gold/USD #XAUUSD - shot-term wave #analysis (bullish scenario)Is this a bullish pennant or just a symmetrical triangle? Up or down? Decision time for gold! Indicators @ 1D TF: Dissipation of bullish momentum on squeeze momentum indicator Stoch RSI also does not look bullish anymore. Indicators @ H4 TF: Bullish momentum on squeeze momentum indicator MACD bullish crossover Stoch RSI = bullish Wave trend oscillator = bullish Bullish target of bullish pennant ~ $1695 Beraish target#1 of Symmetrical triangle ~ $1500 (end of wave A) Beraish target#2 of Symmetrical triangle ~ $1415 (end of wave C) Note: Squeeze momentum indicator @ 1W TF still looks very bullish. Therefore, a breakout to the upside could be likely (bullish pennant scenario). However, if bullish mometum is too weak the triangle could break to the downside. For this reason I would recommend to take some profits at current price level to secure them. Remaining gold position I suggest to sell at bullish pennant target. I´m not a financial adviser. For educational purpose only!
OANDA:XAUUSD
by PatMoar