A Bearish Pennant has formed on BTC and we are nearing the end of the triangle. A break out below the triangle could trigger this move. The length of the flag pole is how far price could move and the chart states 10k, I know it is crazy to think BTC would sink that low but that is what this bearish pennant is telling us. I am long term bullish and hope this doesn't happen but it could give us the opportunity to get BTC cheap!
This forecast will be invalidated if price breaks out above the Pennant. Trade accordingly.
>> Price prediction is not financial advice, make your own decision when investing. <<
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As a follow up to my last post calling for a Bearish Pennant continuation, BTC has been attempting to break the bottom of the triangle to no avail. Although it is still too early to tell this is a strong bullish indication and we may see a swing back to the top of the triangle. If it does it will break through it with might as we've passed the two thirds mark of the pennant with no breakouts to either side. There is also a third option of invalidation if sideways movement continues past the apex of the triangle.
Continuation Pennants are successful only about 55% of the time. Based on the massive popularity and limited supply of this asset we may be in 45% group at this stage.
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The bearish pennant is playing out as initially predicted. There is still no indication to how far down price can go. Stay tuned.