Today being the 6th of Nov 2019 is the 11th day BTCUSD price has been consolidating inside the symmetrical triangle flag. On the 3hours time frame, the price of BTCUSD has been spotted forming a bullish pennant flag pattern. A bullish pennant flag pattern is considered to be a bullish continuation pattern, it indicates a pause in price after a move to the upside. This consolidation is formed inside a converging two trendlines.
The pennant flag pattern is a pattern that is well known to lots of traders out there. The important levels to keep an eye on is the breakout level above the downsloping trendline. The body of the candlestick must close above the resistance to make the pattern valid.
Breakout levels: $9780.9
Resistance 1: $10363.6
Resistance 2: $11072.9
Resistance 3: $12000.2
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.
The pennant flag pattern is a pattern that is well known to lots of traders out there. The important levels to keep an eye on is the breakout level above the downsloping trendline. The body of the candlestick must close above the resistance to make the pattern valid.
Breakout levels: $9780.9
Resistance 1: $10363.6
Resistance 2: $11072.9
Resistance 3: $12000.2
Good luck to everyone! Click the follow button to stay tuned for more trading ideas! Like the idea? Hit the like button!
Ideas published should not be referred to as an investment advice and happy new months guy.