Line chart of BTC. Here we have a nice example of a bearish pennant. But, these do break to the upside as well. I think this one will! Partly because BTC.D (Dominace) is about to touch strong support. A little 'Bart Simpson' pattern may emerge to climb above the 180 EMA to around $60500 USD. But, this is where we may see a rejection as price at this level will be retesting the bigger of the two ascending channels lower trend line! If we get over that then then I would imagine a challenge of the ATH a distinct possibility.
Short? It needs to be addressed. Although I am long, the short possibilities need to be recognized. The bottom trend line of the bearish pennant is in red. I will be paying particular attention to any break of this pennants support. The second area of defense I am particularly interested in is Trend Line A. I would rather not see that get broken. This will definitely invalidate my long idea!
Two ascending channels shown. From the steeper one we have moved into a more shallow one. We could be gently rounding off if we carry on losing momentum.
Short? It needs to be addressed. Although I am long, the short possibilities need to be recognized. The bottom trend line of the bearish pennant is in red. I will be paying particular attention to any break of this pennants support. The second area of defense I am particularly interested in is Trend Line A. I would rather not see that get broken. This will definitely invalidate my long idea!
Two ascending channels shown. From the steeper one we have moved into a more shallow one. We could be gently rounding off if we carry on losing momentum.
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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.