PrimeXBT

BTCUSD THE BEARISH PENNANT FLAG PATTERN

Short
BITSTAMP:BTCUSD   Bitcoin
Like they say the pennant flag pattern (bearish or bullish) is the workhorses of the day trader.
The flagpole which leads to the pennant should be unusually steep. The performance depends on a strong price trend leading to the pennant.
The flag looks more like a short symmetrical triangle, more to that is A loose pennant performs more better in a bear market.
The targets tends to be the fibonacci extension ratios. A breakout from the flag to the down side will confirm the move to touch the price label.
The price of BTC will likely go down to $3200( which is where s strong support is found).
Always wait for a breakout before taking any trade.
VERDICT:
SELL/SHORT: $3726.4
BUY: $3681.22 down to $3501.2
STOP LOSS:$3838
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.

Clause de non-responsabilité

Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.