j412i
Short

BTC USD - bitcoin forming bear pennant

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This looks like a bear pennant to me...Would love to have an opportunity to lay into BTC @ $1800
Thanks for your work and constant updates. I've closed all my trade positions and my reasoning and explanation is explained from a short-term perspective. Will re-enter when I see the signs stated in my videos. I've put my trade p&l in my analysis:
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I actually think it's a ascending triangle with a target of 5K (like i stated in some of my idea's)

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j412i Je_Buurman
@Je_Buurman, Thanks for this. I will check out some of your ideas.
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Minitech24 Je_Buurman
@Je_Buurman, ascending triangle is a continuation pattern
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Je_Buurman Minitech24
@Minitech24, thank you for pointing that out.
Let me clarify my 'train of thought' (should've done that immediately)

Typically an ascending triangle is perceived as a continuation pattern, yes.
But it's also known to possibly break out the other way!
Don't just 'textbook' the knowledge and expect it to happen in that exact way. Look closer at the underlying structure of it (different every time), it touched the upside 4 times already and the downside only 2 (the minimum to even be a valid triangle). The fact that it keeps going up easier then down tells me people want up, so i give it a significantly bigger chance of that direction (and then the 5k would be the 'logical' target)

..will ad it to my corresponding chart too .. thnx again
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j412i Je_Buurman
@Je_Buurman, If bitcoin breaks the ~$4,250 resistance, it would likely spend significant time between 4 and 6k, do you agree?
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@j412i, depends on a lot of factors yet unknown. it might crash down again (heavy shorting, bad news ..), it might struggle there for weeks to months (not much interested) but it might also see a rally after 6k to 10k (FOMO, good news..). The further you look in the future the more variables come into play which make "predictions" more unreliable
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Isn't it too big for a pennant?
+2 Reply
j412i Salmin
@Salmin, It has been a long time for a pennant. That's true.
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