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Bluephantom
Mar 21, 2018 2:17 AM

Bearish Pennant 1hr chart Short

Bitcoin / DollarBitfinex

Description

On the 1hr chart, I interpret a bearish Pennant that is getting close to testing its support line.

At this point on the cycle movement the next push down could be the one that breaks the support level.
Comments
mhfcrypto
Don't you mean Bullish Pennant? A Bearish Pennant is formed during a steep, almost vertical, downtrend.
Bluephantom
@mhfcrypto, Yes you are right. Thanks for pointing that out. The downtrend isn't super steep before it.
Bluephantom
@mhfcrypto, Though I still feel that this is bearish even if the signal is not 100% correct. It is a general down trend and this is some consolidation, which generally means a continuation of trend (obviously not always). I don't feel this is change in overall trend direction.......yet.
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