DrDovetail

symmetrical bullpennant breakout confirmed/higher high on 4hr

Long
BITSTAMP:BTCUSD   Bitcoin
We wanted to see the price action rise above this horizontal purple line to achieve a higher high on the 4hr chart and with the current 4hr breakout candle we have seen just that. A great sign for the bulls. However to securely reach a higher high on the chart that really matters(the 1 day chart). We're gonna need to get price action above this pink horizontal line just above that. The breakout target of this bullflag should have us reaching that higher high no problem plus we still have the price target to reach from the green falling wedge which is slightly above that too...that helps increase the odds even though falling wedge breakouts often don't reach their full breakout targets. There's also the large tan symmetrical triangle we have been above for quite some time now odds are good we will trigger its breakout and reach its breakout target. Only thing that could stop us from getting above that pink higher high on the 1 day chart horizontal line is the fact that we haven't had a higher high on the 1 day chart since the very beginning of the bear market and they always say the trend is your friend until the end. That's also why if we do trigger a breakout here above that higher high the trend may indeed finally be starting to reverse...we will of course want to see it followed up with a higher daily low and then one more consecutive daily higher high to be certain the trend is changing....or even a capitulation plummet right after this higher high and after that follow it up with a higher high/higher low/higher high sequence on the daily chart....either way to me it feels like the end of the bear market is truly near.
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