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Pennant

6month log chart on xrpusd suggests crazy potential targetsThe bull pennant we are in shown here on the 6month time frame seems to have a symmetrical triangle for its flag. The breakout target for just the symmetrical triangle is in the $33 range. Factor in the pole of the flag and the potential target skyrockets to 1.2k. Definitely not financial advice and certainly no guarantee it will hit either target as it’s still up in the air if log chart targets reach their full target as reliably as linear chart patterns do. Even if it does hit these targets you can see the apex of the pennant in its current trendline trajectories doesn’t occur until 2026. The only way I see price remaining inside this triangle for that long is indeed if the SEC ripple case is extended through appeal and taken to the Supreme Court. Hopefully not but it isnt impossible. If this were to occur I would simply keep dollar cost average accumulating until it was to break out from the triangle which would give me more opportunity to take some profit at the first target but then also hold onto some of the asset in case it does indeed reach the full bullflag breakout somehow all the way up at 1.2k. Simply posting this hear so I can see how well price action chooses to follow this pattern over the next year or few. Once again *not financial advice*
BITSTAMP:XRPUSD
by DrDovetail
4
GRTUSDT is inside a PennantGRTUSDT is creating a pennant below the 4-hour resistance level, following a previous bull run. A pennant is a technical chart pattern that is formed when the price moves within converging trendlines, forming a symmetrical triangle shape. The pattern is characterized by a sharp price move in either direction, followed by a consolidation phase where the price forms lower highs and higher lows. The pennant pattern typically indicates a continuation of the previous trend, which in this case was a bullish trend. In this scenario, the market is consolidating after a strong bullish run, which could indicate that the market is gathering new liquidity. The previous support level at the 0.15$ area could act as a source of liquidity, as traders who missed the previous bull run may be looking to buy at a lower price. To apply Plancton's Rules in this scenario, traders should wait for the breakout from the current resistance level to be confirmed before opening a new long position. This means waiting for the price to break through the upper trendline of the pennant and establish new support. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
6
📊 Chart Pattern CheatsheetChart patterns are visual representations of a stock's price movement over time. These patterns can provide traders with information about the stock's trend, momentum, and potential future direction. Continuation and reversal patterns are two types of chart patterns that traders use to identify potential entry points. When considering entry points for both continuation and reversal patterns, traders often use a combination of technical indicators and price action analysis. They may use tools such as moving averages, oscillators, and trendlines to confirm a pattern's validity and identify potential entry points. Additionally, traders may set stop-loss orders to manage risk and limit potential losses. 🔹 Continuation patterns Continuation patterns are chart patterns that suggest that the current trend will continue. They occur when the stock price consolidates in a certain range, showing a temporary pause in the trend. Some common continuation patterns include triangles, flags, and pennants. Traders may look to enter a long position when the stock price breaks out of the pattern, typically on higher than average trading volume. 🔹 Reversal patterns Reversal patterns, on the other hand, suggest that the current trend is likely to reverse. These patterns occur when the stock price has reached a high or low point and is likely to move in the opposite direction. Some common reversal patterns include head and shoulders, double tops and bottoms, and the "V" pattern. Traders may look to enter a short position when the stock price breaks below a support level or the neckline of a pattern. 👤 @AlgoBuddy 📅 Daily Ideas about market update, psychology & indicators ❤️ If you appreciate our work, please like, comment and follow ❤️
Education
by QuantVue
7
ETHUSDT wants the breakout?As per the previous idea, ETHUSDT had a nice impulse, indicating a potential uptrend in the market. Currently, the price is creating a pennant on a weekly key level, which is a significant level for traders to watch out for. A pennant is a technical chart pattern that is formed when there is a sharp price movement, followed by a consolidation phase and then a continuation of the initial price trend. The pennant looks like a triangle, where the price moves in a narrowing range, forming the shape of a flag or a pennant. In this case, we can see that the price of ETHUSDT is forming a pennant on a weekly key level, which indicates a potential continuation of the uptrend. Traders often look for pennants as a potential buying opportunity, as it may lead to a sharp price movement in the direction of the initial trend. As we can see from the chart, the price of ETHUSDT has grabbed liquidity from the 1500$ area, indicating a strong buying interest in the market. Now, we are waiting for the next distribution, which may lead to a potential breakout of the pennant pattern. If the price breaks out of the pennant pattern with a significant volume and then retests the same level, it may indicate a potential buying opportunity, according to Plancton's rules. ––––– Follow the Shrimp 🦐 Keep in mind. 🟣 Purple structure -> Monthly structure. 🔴 Red structure -> Weekly structure. 🔵 Blue structure -> Daily structure. 🟡 Yellow structure -> 4h structure. ⚫️ Black structure -> <= 1h structure. Follow the Shrimp 🦐
by InkyGrip
14
BTC Bulls Are Back or liquidity grab ?BTC/45M Before the pump yesterday, WE formed a pennant (two purple lines bottom left) then we legged up insanely to ~24900 but did not touch the origin point of resistance ~25212. now we are forming the same pattern (two red line top right).so this could go up to ~28600 with this momentum that its showing. Green drawing shows the wave of the pennant which both have the same wave. pennants usually are sign of continuation and if they fail it could be a jebait or a complete retracement. My personnal bias is down side due to market and world economy situation. Also made a video today which unfortunately is in DXY category in link to related ideas Please Comment,Boost,Follow if you find this interesting
BINANCE:BTCUSD.P
by pcmonk
SANDUSDWatching the daily chart on SANDUSD I can see that it broke out of a bullish pennant and the 1.618 level of fib. Currently the price is retracing from the big green break out candle. It's possible that price comes back below the 1.618 fib or lower to retest the previous resistance. 2.618 of fib or $1.035 is the next major resistance level to look at. If that breaks it can reach the flagpole target of $1.24. If it crashes. We can see price go back to $0.63-$0.53 levels. Waiting to see if this bullish pennant plays out.
BINANCE:SANDUSDLong
by cryptojames