Bitcoin bearish pennant breakdown
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Disclaimer: I'm new to TA.
I think the bearish pennant is likely to break down as we are in an overall downtrend in higher timeframes.
Additionally, momentum is heading towards negative on this timeframe.
There is strong support between 33k-34k. I don't think we will go below this especially because we are getting higher lows since the dump on the 19th. I think we will test this support around 35000-35100 between the third and fourth of June.
Saying this, I think that we will keep moving sideways for a few months like 2013. Even though we are currently trending down.
Let me know your ideas and opinions on both this analysis and what you think Bitcoin will do in the immediate term or next few months.
I think the bearish pennant is likely to break down as we are in an overall downtrend in higher timeframes.
Additionally, momentum is heading towards negative on this timeframe.
There is strong support between 33k-34k. I don't think we will go below this especially because we are getting higher lows since the dump on the 19th. I think we will test this support around 35000-35100 between the third and fourth of June.
Saying this, I think that we will keep moving sideways for a few months like 2013. Even though we are currently trending down.
Let me know your ideas and opinions on both this analysis and what you think Bitcoin will do in the immediate term or next few months.
Note
In hindsight, played out pretty well to the green squiggle. Just spread out over more time. Pretty happy.
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