PrimeXBT

BTCUSD (STRONG SUPPORT PULLED PRICE DOWN) 20-08-2019

Short
COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After the price has moved up to test targets given out in our previous analysis on BTCUSD (https://www.tradingview.com/chart/BTCUSD...)
As price has changed its move after hitting the new support, On the 3hours time frame the price chart of BTCUSD has been spotted forming a bearish pennant pattern.
Bearish pennants are continuation patterns that mark a pause in the movement of a price halfway through a strong downtrend, offering you an opportunity to go short.
They occur just after a sharp drop in price and resemble a triangular flag as the price moves sideways, making gradually lower highs and higher lows. The downtrend then continues with another similar-sized fall in price. The breakout matter a lot when dealing with chart patterns.
The breakout to the downside(from the support) is the most important part here. Only when price has broken the support and has close below the trendline, this will signal a short position should be opened. Targets to look out for are as follows: $10284.68 down to $9569.55.
NOTE: ALWAYS WAIT FOR THE BREAKOUT
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.

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