Bitcoin Bear Pennant - Classic Pattern
Hi all! I'm Fomo Sapien, a 13 year old aspiring swing trader who has been studying for just over one year. Today, I'm going to share my thoughts on the bitcoin chart.
Bitcoin is close to a breakout of this bear pennant (learn more about pennants: investopedia.com/terms/p/pennant.asp), which is a classic continuation pattern. I'm not publishing this idea as a long or short strategy, because I am not taking a trade now, but there are two ways to play this pennant. Let's start with the bull strategy:
Bull break of pennant, long at break above $30600 area, stoploss $30200.
The bear:
Bear break of pennant, short at break of $28600, stoploss close by, maybe $29000.
Another thing to note is the measured move of the pennant, which would take Bitcoin down to ~$24500 area. This is not a prediction but a worthy observation!
Hope you enjoyed the Idea, please feel free to disagree or share some wisdom for me in the comments!
Bitcoin is close to a breakout of this bear pennant (learn more about pennants: investopedia.com/terms/p/pennant.asp), which is a classic continuation pattern. I'm not publishing this idea as a long or short strategy, because I am not taking a trade now, but there are two ways to play this pennant. Let's start with the bull strategy:
Bull break of pennant, long at break above $30600 area, stoploss $30200.
The bear:
Bear break of pennant, short at break of $28600, stoploss close by, maybe $29000.
Another thing to note is the measured move of the pennant, which would take Bitcoin down to ~$24500 area. This is not a prediction but a worthy observation!
Hope you enjoyed the Idea, please feel free to disagree or share some wisdom for me in the comments!
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.