Redrawn the canvas of the figure "Pennant" in the potential "Flag". Nothing has changed with the previous trading idea. Both “Flag” and “Pennant” have the same goal of working out a figure. All the same pivot points and goals.
Trading idea published 9 days ago. BTC Pennant is forming. Price is above the downtrend line.
If for example they decide to scare and break down a downtrend. They can make a false breakdown of the downtrend in order to throw off “weak hands”. The main thing is that there should be no price fixing below the downtrend.
The potential movement is 7.4%. That is with a high degree of probability the price will stop locally at the level of $ 7900-8000
Another variant. If from a downtrend (red zone), which acts as a support, the price moves up. The first target is the upper border of the “Flag” canvas, which is the same + 7.4%. Further, if the price makes a breakthrough of the figure’s canvas, then we will see confirmation of the “Rising Flag” figure. 1) $ 9300-9400 2) 9800 -10000 $ 3) zone 12000 $
You must always work on the situation and earn when the price goes up / down. To have a more preferred option of movement, but if the price went against you to have a backup option, which would just as well earn. The most important is the entry point.
Watch the red zone that I have highlighted (downtrend line), from it a breakout / hold is everything and is solved locally.
Good analysis!
This is my idea about BTC. The bearish signals ovewhelm the bullish ones. But Uptrend resumption is still relevant option because of candlestick with the most buying pressure. Nevettheless more bearish signals is not in favor for bulls.
SpartaBTC
⋅
@Anpu, I agree with you. I see you have smart trading ideas with meaning. I see that you are trading from market situations, which I think is right.
It is a pity that most people trade not from what is happening on the market, but from those beliefs that they want to see. Therefore, the crowd is losing money.
Anpu
⋅
@SpartaBTC, Thank you for kind words! You have two good advices in your idea too "You must always work on the situation and earn" and "if the price went against you to have a backup option". Really respect your approach!
This is my idea about BTC. The bearish signals ovewhelm the bullish ones. But Uptrend resumption is still relevant option because of candlestick with the most buying pressure. Nevettheless more bearish signals is not in favor for bulls.