BTC: FORMING A CLASSIC BEARISH PENNANT PATTERN!!
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Welcome to this BTC update. There is a lot of things currently going on in the market. We have to trade very carefully in this market and try to focus on the long term. The bets way in the current market scenario is buy BTC and DCA on every big dip.
Now, let's get to the chart.
BTC is forming a bearish pennant pattern in the 4hr TF.
What is a bearish pennant?
A bearish pennant is a technical trading pattern that indicates the impending continuation of a downward price move. They’re essentially the opposite to bullish pennants: instead of consolidating after a move up, the market pauses on a significant move down.
When technical traders spot a bearish flag pennant, they take it as a sign that the downward price move is going to continue once the market breaks below its support line. Like their counterpart, bearish pennants can occur over any time frame.
Currently, BTC is trading inside the pennant. If it breaks below the pennant then there is high chances we visit the $12k-$13k zone from here.
Invalidation:- Close any 4hr candle above the pennant ($17k)
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
Welcome to this BTC update. There is a lot of things currently going on in the market. We have to trade very carefully in this market and try to focus on the long term. The bets way in the current market scenario is buy BTC and DCA on every big dip.
Now, let's get to the chart.
BTC is forming a bearish pennant pattern in the 4hr TF.
What is a bearish pennant?
A bearish pennant is a technical trading pattern that indicates the impending continuation of a downward price move. They’re essentially the opposite to bullish pennants: instead of consolidating after a move up, the market pauses on a significant move down.
When technical traders spot a bearish flag pennant, they take it as a sign that the downward price move is going to continue once the market breaks below its support line. Like their counterpart, bearish pennants can occur over any time frame.
Currently, BTC is trading inside the pennant. If it breaks below the pennant then there is high chances we visit the $12k-$13k zone from here.
Invalidation:- Close any 4hr candle above the pennant ($17k)
If you like this idea then do support it with like and follow.
Also, share your views in the comment section.
Thank You!
