mattpowell

mattpowell

Bitcoin looks to be forming bearish pennant on the daily. Within 4 days we’ll definitely see a break, but will most likely see it in 2 or 3. It will most likely break downwards due to the nature of the formation and test the major trend at around 30k. However, it can always break upwards so we will wait to see confirmation on which way it breaks.

mattpowell

The NASDAQ hit its major trendline last month and has since bounced off it. This last happened in 2006, where in the following 5 months it continued to drop just under 50%. And the first time it touched the trendline it dropped around 71%, 9 months after the touch. History repeats itself, but not all patterns are the same. With this in mind, based in previous...

mattpowell

I called this formation and it’s finally broke. BTC will drop to a new support and we’ll see what happens from there.

mattpowell

Currently trading sideways but still in the bear flag formation. We’ll see how it breaks.

mattpowell

Looking see if it breaks down through this bearish pennant in the next 6 or so days

mattpowell

The Descending Triangle on the 4h can also be seen a possible bearish pennant on the weekly TF, which looks ready to break next week.

mattpowell

Descending triangles are bearish continuation patterns. However, triangles can be unreliable so well have to see what happens. But still bearish on crypto, I expect BTC to reach 16-24k and ETH around the 1260 level.