Zoom out, look at the bigger picture before you turn bearish. Is ascending triangle a bullsih pattern? If we close a weekly candle confirming the break of this pattern to the downside then that is my signal to close my long position. Stay calm yall
1) this is way too early to say if BTC is in bullish pennant and there are no signals to suggest that , 2) your line thickness is like 4k usd :) which is completely disproportional to the candles or bullish pennant in this case so it looks a bit odd to say the least, but maybe it has some merits who knows, time will tell:) also lines supposed to mark either full body of the candle or the very pinnacle of each candle. As the theory say, needles are deviations and only the full body of the candle is the price you should take into consideration, but both - price deviations and the solid price are valid points, however in your case since the line width is more than deviation makes it harder to see this prediction as a precise price action
hardinc
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@vapecaster, line width has nothing to do with the shape sir, I am just pointing out an obvious shape that happens to line up with the 50wma whether you adjust it perfectly or not. All im saying is this is an obvious pattern that cant be ingored when fully zoomed out.
vapecaster
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@hardinc, unfortunately where you draw those lines are quite critical in some respect, and in the literature there are plenty of discussions about it. "obvious pattern" is a completely wrong statement at this stage - "potential formation" - yes, the problem at this current point in time , is that the price is still dropping and looking at all other price predictability tools, moving averages, Heiki ashi trend etc, there is no sign of bullish uptrend in sight ( quite opposite all point to bearish continuum ) which is crucial for uptrend pennant. so just drawing pennant random lines in wishful thinking without any backup is more like a gable than TA/chart analysis.
Ahmedramzy81
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It's looking bullish but some people see it as a double top.
Ben_vouh
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if you zoom out and think about wykoff, you can see that this double top is a perfect distribution pattern with a target of 15-10k..
hardinc
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@Ben_vouh, tbh i hope you're right, i would sell everything i own to buy bitcoin at those prices again.