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Short

BTCUSD THE BEARISH PENNANT FLAG PATTERN

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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Like they say the pennant flag pattern ( bearish or bullish ) is the workhorses of the day trader.
The flagpole which leads to the pennant should be unusually steep. The performance depends on a strong price trend leading to the pennant .
The flag looks more like a short symmetrical triangle, more to that is A loose pennant performs more better in a bear market.
The targets tends to be the fibonacci extension ratios. A breakout from the flag to the down side will confirm the move to touch the price label.
The price of BTC will likely go down to $3200( which is where s strong support is found).
Always wait for a breakout before taking any trade.
VERDICT:
SELL/SHORT: $3726.4
BUY: $3681.22 down to $3501.2
STOP LOSS:$3838
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.
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