Bullish pennant forming on stamp
NOTE: I'm very new to technical analysis and trading. I urge you to not make trades from my "ideas". This is just something I do for fun and to get experience/feedback.
What I see is that we have a possible pennant forming on Bitstamp 2h chart. We have a period of consolidation from a sharp up trend, which looks like a pennant. If we will see volume on the breakout, possibly due to some good news, then we might have a real breakout and we will retest historical levels of resistance and support at 535 USD and 550 USD. Possibility to scale out position at 535 and then see if the uptrend holds, then the next target will be 550 USD.
If the pennant continues to form, then it might be a good idea to buy at intersecting trend lines.
Appreciate feedback and comments.
What I see is that we have a possible pennant forming on Bitstamp 2h chart. We have a period of consolidation from a sharp up trend, which looks like a pennant. If we will see volume on the breakout, possibly due to some good news, then we might have a real breakout and we will retest historical levels of resistance and support at 535 USD and 550 USD. Possibility to scale out position at 535 and then see if the uptrend holds, then the next target will be 550 USD.
If the pennant continues to form, then it might be a good idea to buy at intersecting trend lines.
Appreciate feedback and comments.
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