DLavrov

Bitcoin: Pennant Chart Pattern as Bullish Signal

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Charts represent people’s behavior, their reaction on the news, and all information about this market.

When someone tries to present it as secret information, I want to tell you - don’t be so naive! In trading, there are no secrets. This is a chart pattern which you can see in any market and any timeframe. And if you know Technical Analysis - for you it won't be a big clue. It will be just one of possible trading setups with an exact trading opportunity.

The weekly timeframe provides a pennant chart pattern. It belongs to a continuation group of pattens.

How does it work?
The market moved upward. After some time, it needed to take a break. The price moved in sideways, and this period we can call like consolidation. Any consolidation leads to a new price movement. The same goes for Bitcoin and the weekly timeframe . We have to use this pennant pattern in the right way. In order to get a confirmation for this pattern as continuation one, the price will have to break the upper line of the pattern. If so, we will get a good bullish signal based on the pennant . At the same time, the daily chart will provide us the same buy signal, but it will be based on the breakout from the triangle.

In trading, there are no secrets. There are knowledge and experience which you have to use with different types of tools. They help you to understand the market movements and possible trading opportunities.



Thank you very much for your interest to my work! If you have questions, just leave them in comments! The same goes about sharing your opinion about Bitcoin!
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Comments

a nice setup from Bitcoin. Liquidity is drying out quick with low volatility. Market equilibrium is what we aim for at the moment. It's just the matter of time when Bitcoin will elevate from here
+1 Reply
DLavrov mickey_v
@mickey_v, thanks for your feedback!
Reply
You did very good analysis! Thanks!
My idea about BTC, please tell what you think
Reply
@Anpu, thanks you for your comment and sharing your chart! Well done!
Reply
Here we go!
+1 Reply
Great work
What do you think about this?
Reply
DLavrov CryptoBullet
@CryptoBullet, the bullish model - agree! For the gift, there must be reasons for such falling. Thanks for sharing your idea.
Reply
There is nothing fundamental happening in crypto that would suggest a bull run...
+5 Reply
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