VasudevaKiran
Short

BTC/USD - Bearish Pennant

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I am new to trading and wanted to share an idea with the community and the experts to see what you all think about it? Looks like there is a bearish Pennant forming with a potential downside breakout towards 2900. Of course, if there is a significant moves above 3500 this will not hold. I am expecting a huge volume based downwards breakout. Though I think it might go down till 2900, 3000 might actually hold as many expect it and is a much rounder number.

Mandatory disclaimer: This is my personal opinion and not an investment advice. So please do not commit to any trades based on my ideas or opinions.
Comment: Tech Indicators for Bearish movement: I think there is a head and shoulder forming and is more bearish in the next couple of hours. Then there is a wedge within which the price is stuck now, and potentially will breakout downwards as there are more sell orders in the order books.

Tech Indicators for Bullish movement: The Stoch RSI is diverging from the price movement on the 4H scale and there is a potential of a run upside and test the 3600 USD level. Might happen if there is another try by the bulls with significant buy volume.

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