Bear Pennant continuing to unfold as I expected; Double bottom?
In my last Idea I drew some lines of what I predicted would turn into a rather large bear pennant...and so far it's following the Trendlines I layed out for it precisely. It somewhat amazes me how that can happen...But I have switched the dotted blue lines of the equilateral triangle to solid red and havw added the pole of the bear pennant too that ts now looking exactly like a bear pennant so with that I can give you a downward bullish breakdown price projection target of around $5600. That sounds pretty realistic of an outcome and the probability favors it...however there's a chance that before it has a chance to drop that far, that a potential double bottom could happen when it reached the $5,900-6,000 range which was where we had our low in February. If a double bottom occurs we'd be looking at some huge upward momentum of which I will make a seperateidea following this one focusing more on the double bottom and giving you a more zoomed out perspective on my chart. For now though the bear pennants projected range is $5600 unless its stopped first either by a double bottom around $6,000, or potentially just above that at the blue fibonacci 161% extension line
at $6071.90. The body of the candle may close/open at the fib line with a wick dipping down to the double bottom zone and potentially a wick dipping as far down as $5600. Now that there wasn't enough bull volume to sustain the recent climb, The death cross will start to occure on many more exchanges once we close the current 1 day candle in 24 minutes from now. Once that happens, I predict we will be dropping in price most of April Fools day...but I see that death cross carnage as simply cryptos april fool's joke and something like a double bottom happening the very next day to trigger a huge upswing and jumpstart the bull market. I'm still optimistic that Q2 of this year can be a very bullish one that I will be long on, but for now I'm obviously short(temporarily)...you choose to do whatever you see fit though as once again this is in no way financial advice! Thanks for reading and best of luck!
at $6071.90. The body of the candle may close/open at the fib line with a wick dipping down to the double bottom zone and potentially a wick dipping as far down as $5600. Now that there wasn't enough bull volume to sustain the recent climb, The death cross will start to occure on many more exchanges once we close the current 1 day candle in 24 minutes from now. Once that happens, I predict we will be dropping in price most of April Fools day...but I see that death cross carnage as simply cryptos april fool's joke and something like a double bottom happening the very next day to trigger a huge upswing and jumpstart the bull market. I'm still optimistic that Q2 of this year can be a very bullish one that I will be long on, but for now I'm obviously short(temporarily)...you choose to do whatever you see fit though as once again this is in no way financial advice! Thanks for reading and best of luck!
Comment:
Comment:
Please be wise though if some how this breaks, closes, and confirms uowards out of this bear pennant which it would have to the get above the entire pole it could also keep shooting upward and there's still a slight possibility that it could catch everyone off guard and the bottom could potentially already be in(unlikely) very low probability that it could do that but still possible if so I'd say I'd be ready to jump in with 2 closes above 7250 to be certain...but I anticipated it will breakdown bearish...best to be prepared for either outcome though.