Corn_Reaper

Possible bearish pennant - expecting a pretty hard drop if it is

Short
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin sitting at triangle apex. Could break either way but looks like a bearish pennant to me which could take us below our weekly SMA200 before Christmas. We have hidden bearish divergence on the 3H MFI so this could break to the downside. TP targets set by using 138.2 and 161.8 fib extensions from the pole height and height of the pole itself taken from the height of the pennant (**it's meant to be subtract from top of pennant on the chart not add).

There is bullish divergence on the daily MFi and hidden bearish divergence on the weekly MFI so expecting a bounce at some point, possibly January, followed by a stronger move down (capitulation?).


Comment: Looks like a falling wedge printing on the lower time frames and we have bullish divergence on the 3H MFI this time so we might have a corrective bounce from here to test channel resistance.



Comment: New analysis:

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