Bitcoin

The 1 day bullpennant has once again become the dominant pattern

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We can see now after a very weak "breakout" from the 4hr chart falling wedge that it is the 1 day chart bull pennant that is still very much the dominant chart pattern at the moment. The good news about that is the breakout target should be much much higher than the falling wedge's target would have been. The bad news is the pennant is a descending triangle which has a slight chance of being a reversal pattern. We can also see the 4hr 50 and 200mas are at risk of deathcrossing in the near future if we don't see a bullish breakout from the pennant in the next few days. This is a 1 day chart but I placed the trajectory of those 2 4hr MAs on here with a dotted orange and dotted blue line so you could still see it on the 1 day chart. My bias is still leaning bullish here but because of the potential impending deathcross I'm gonna leave this idea neutral. Hopefully the pennant will break up before wednesday and we won't have t worry about a deathcross on the 4hr.

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