We are currently in a bear pennant. The total breakdown for the pennant has a target of 5k…if we just take the triangle part the breakdown is 14k….I think we go slightly below 14k then find our bottom aroun 13.7-13.9k Before the rebound. Of course there is also a slight chance we’ve found our bottom already in which case it will just break upwards instead of down. *not financial advice*
Comment:
We now officially have one candle close above the top trendline of the pennant, and the current follow up candle is looking rather bullish. However, the current volume candle is not indicating any kind of impulse in volume so we could see the current price candle do a 180 about face before it closes. If this break upward does confirm the target would be around 25k. It would allow for a chance that the bottom is already in however I won’t be confident in that until I see us getting consistently back above 40k and maintaining it as support.
Comment:
Pi Cycle Bottom indicator is in increasing the odds that we’ve already found our bottom. May take awhile before we confirm it was the bottom even if we already have though.