Bitcoin: Pennant and Key Levels in Weekly Timeframe
The price action in the weekly chart formed a bearish pennant. If the price breaks the bottom line, it will be a bearish signal. The breakout below 10 000$ will support the further downward movement and the strength of the bears. Targets will be 7000$ and 4000$ support levels. Looks crazy, right? But these zones come from the weekly chart and its market movements.
If the price breaks the upper line of the pennant and moves above 11 000$, it will be a good bullish signal. The pennant won't work as a bearish pattern and it will be a solid bullish signal. Targets for the bulls will be 12 500$ and 14 000$ resistance levels. It sounds good as the upward movement will allow us to gain some profit.
The price movement between 11 000$ and 10 000$ key levels will be interesting only for short and swing trading based on the hourly and minutes timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
If the price breaks the upper line of the pennant and moves above 11 000$, it will be a good bullish signal. The pennant won't work as a bearish pattern and it will be a solid bullish signal. Targets for the bulls will be 12 500$ and 14 000$ resistance levels. It sounds good as the upward movement will allow us to gain some profit.
The price movement between 11 000$ and 10 000$ key levels will be interesting only for short and swing trading based on the hourly and minutes timeframes.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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