Bullish Pennant takes us back to at least 600 USD ?!?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
So, while everyone is concerned to go back to 540 or maybe even lower. I still think we will get back to at least 600 USD. BTC             just broke out upwards after making a Bullish Pennant . This pattern is effectively a pause in an uptrend. The price has moved ahead of itself with a steep rise; therefore market activity takes a break before continuing the uptrend. This pause is reflected in the decreasing trading volume . Similarly, a spike in volume marks the resumption of the uptrend.

It is commonly held that the length of the mast indicates the potential price increase. Like the Flag, the Pennant is considered to be a pause in an uptrend. Following the Pennant , the price typically jumps to replicate the height of the mast, while continuing in the direction of the inbound trend. This means we wil go up to at least 600 there we have resistance and then make a new possible uptrend to around 615.

I hope this gives you a new perspective on the economic situation of the last few days and if you like my analysis and/or my description, please like!

Have great day and good luck guys! :)
595 and not a penny more =)
Maddie MarvinMartian
Haha, we will see. Can you explain why?
Im very curious! :)
If you go to the 1m chart, you'll see a lot of bot trading going on. The rally they are trying to create is losing inertia. There's a couple kinds of bot trading... human initiated and technical initiated... the current rally looks a bit humanish. And it's a Saturday, 1:30 on the West Coast... so if whomever is doing this, has a life, they are going to quit in a couple to a few hours. Which lands the price at where it's at, 593 to 595.

I also use a 'quirky' indicator, the Ichimoku Kinko Hyo, which on the 1h, shows BTC is channeled in, where it is supposed to be right now. On the 30m shows 595 max, and on the 15m, shows it moving above the cloud, which signals a drop in price is coming, indicating 590 on that chart.

Lastly, Stochastic RSI shows a large overbought signal on 30m, which if bots are trading on technicals, a lot of algos use Stoch RSI and 30m. Which means bots will be pulling back now.

tl;dr educated guessing based on fancy graphs =)
+1 Reply
Maddie MarvinMartian
Okay thanks for you're very long and clear explanation, wasn't aware of that!
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