BCHBTC Low Volume|Bearish Pennant|Apex| Breakout imminent
Evening Traders,
Today’s technical analysis will be on BCHBTC, trading very close to its apex with a breakout being imminent.
Points to consider,
- Local Trend bearish
- Price trading near apex
- RSI testing support
- Stochastics projected down
- Volume extremely low
- Local support - .50 Fibonacci
BCHBTC’s local trend has been bearish, consecutive lower highs evident; this can be considered as a bearish pennant, a continuation pattern.
Price is coiling up near its apex, support and resistances are converging, decision time is upon fruition.
The RSI is testing its support; break will highly coincide with further downside momentum, similar case with the stochastics that’s already projecting down.
The volume is clearly below average, this signals a breakout being imminent from this current formation.
A break bearish needs to close below the .50 Fibonacci Level, this will confirm continuation in the trend, as local support is breached.
Overall, in my opinion, BCHBTC is upon a break, this current formation can be regarded as a bearish pennant as the trend is clearly making consecutive lower highs.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone
Today’s technical analysis will be on BCHBTC, trading very close to its apex with a breakout being imminent.
Points to consider,
- Local Trend bearish
- Price trading near apex
- RSI testing support
- Stochastics projected down
- Volume extremely low
- Local support - .50 Fibonacci
BCHBTC’s local trend has been bearish, consecutive lower highs evident; this can be considered as a bearish pennant, a continuation pattern.
Price is coiling up near its apex, support and resistances are converging, decision time is upon fruition.
The RSI is testing its support; break will highly coincide with further downside momentum, similar case with the stochastics that’s already projecting down.
The volume is clearly below average, this signals a breakout being imminent from this current formation.
A break bearish needs to close below the .50 Fibonacci Level, this will confirm continuation in the trend, as local support is breached.
Overall, in my opinion, BCHBTC is upon a break, this current formation can be regarded as a bearish pennant as the trend is clearly making consecutive lower highs.
What are your thoughts?
Please leave a like and comment,
And remember,
Timing, perseverance, and ten years of trying will eventually make you look like an overnight success. – Biz Stone