POLONIEX:BTCUSDT   Bitcoin / Tether USD
I have adjusted my trend lines and the price action seems to forming a more classic "Pennant" style formation. I still think we are in good shape although there is always risk to the downside but the action has moved along sideways for three waves and so we would no longer be looking at a double bottom formation. This is different. Not a rising bearish wedge , not a bullish falling wedge ... This seems to be something more neutral and it really depends on the movements controlling these averages as many traders are watching to see if the 20 and 50 can remain above the 200.

Any cross of the 50 down through the 200 will trigger a sell off and take us down potentially to retest the low and possibly down to the next support level at 8400 or whatever.

But for now my outlook is still positive and until we have a confirmation it would seem like the bulls and bears are locked in a dance... Let's hope the bulls are better dancers...

Comments

Ya I'm seeing indicators for both ways but feeling its going to be up
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out