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Bullish Pennant

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
BSV/USD - Shitshow continues (Thanks for 700 Followers)Hello friends! As much as i hate trading heavily manipulated (shit)coins, we do have a nice trading opportunity with Bitcoin SV (BSV/USD). The price is consolidating in a Bullish Pennant. The decreasing volatility is pointing towards a breakout of this pattern (which also appeared before). It's important to notice that we do not trade inside the pattern. We trade the breakout , which is less risky. Therefore, we need the price to hit our Entry level, which also confirms a breakout of the pennant. Our Stop Loss is located around yesterdays low - i prefer having a tight stop loss when something is peaking at 500% during 2 weeks. Our target is located above our previous high. We need volume for a breakout. I don't expect retail traders to jump on Bitcoin SV during a breakout. This will more likely be backed by random (shit)news and wash trading. Let me know what you think! cheers, cryptobuller
BLong
by Anton_XBT
1
Bitcoin Bull-Pennant Still Possible?I was all over the 2018 Descending Triangle in Bitcoin, but Bitcoin's 2019 price action has left me head-scratching quite often. Yes, yes, I have had a bull flag/pennant drawn for weeks. However, while this pattern may be invalidated at some point, it has not yet. I see a alot of charts out there projecting many different scenarios, but none that show this pennant. It hasn't been invalidated and would be quite extraordinary if it played out in early/mid December at this point given all of the bearish sentiment.
BITSTAMP:BTCUSDLong
by CryptoBullGod
GBPCAD BULLISH & BEARISH IDEASMonthly Confluence is telling me are indeed in a Bullish Market. We have a Bullish Pennant located right at the 61.8% Retracement which institutions do on purpose right at market closure so participants can pretty much gamble their money with either going long or short. For me to enter Long i'd like to price to show me an indefinite buyer market breaking above local resistance, if price comes back down hitting the red line, that means the trade is invalidated (No good). If price does continue lower and hits the green line, its a safe understanding that price did in fact reject of the 61.8 retracement and we are in a Bearish Continuation Market.
by RiosTrades
Tick Tock, Boom!That 200 Day MA is really playing as the floor for a descending triangle on the low... I wouldn't be surprised if a market mover come into the market in the very near term to force BTC back into a bear market.. There was clearly a bull flag that's been negated a little, and now turned into a bullish pennant formation.. We'll see I guess, but I think there's a hidden descending triangle here with the 200 Day MA as the floor, it will start to move up & become more apparent after a few more days of trading, potentially imo.. The rsi is showing higher lows & higher highs on a micro level, so don't be surprised to see a measured move similar to the massive move on Otc 25th & 26th in either direction to change the trend bearish or keep momentum bullish. Time will tell per usual.
COINBASE:BTCUSDLong
by ScotianBot
double bottom in play if symmetrical triangle doesn't pan outthe symmetrical triangle/ bull pennant appears to be losing some steam here but if it doesn't pan out the bulls still have another chance to continue the uptrend with a double bottom in play around 8886(as shown here in purple). A retest of this zone would make a lot of sense since there is currently a gap on the CME futures chart around that zone that needs to be filled...and if price action were to retest this zone soon enough and indeed get strong bounce support there we could trigger the double bottom while still validating both the symmetrical bull pennant and the 1 day chart bull flag (in green) at the same time. We can see a nice bullish confluence here between the breakout targets of both the double bottom & the symmetrical triangle (pennant not factored in) so hopefully that increases the probability for a bullish validation.
BITFINEX:BTCUSD
by DrDovetail
cup & handle pattern has morphed into a symmetrical triangle.Cup and handle's handle has gone on for too long now morphing from a c&h shape into a symmetrical triangle which is a better sign for the bulls because as pretty reliable continuation patterns, it's very probable that this will be breaking to the upside. The measured move from just the triangle itself would be 11k but it could also act as a bullish pennant here that would take us much higher than that....ultimately if we can reach above 12.3k and achieve a higher higher on this current upswing before the next downtrend that will ensure we do indeed stay in the bull market and be a great sign for the potential for the price to continue astronomically higher and for the deathcross to be flipped back into a goldencross. Let's hope it breaks upward.
BITFINEX:BTCUSDLong
by DrDovetail