The continuation chart pattern THE PENNANT FLAG PATTERN.
After a big upward or downward move, buyers or sellers usually pause to catch their breath before taking the pair further in the same direction.
Because of this, the price usually consolidates and forms a tiny symmetrical triangle, which is called a pennant. While the price is still consolidating, more buyers or sellers usually decide to jump in on the strong move, forcing the price to bust out of the pennant formation.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-chargin’ again.
This means that the sharp climb in price would resume after that brief period of consolidation, when bulls gather enough energy to take the price higher again. The most important part is the breakout level, which has always been to the upside of the triangular flag, Price has to close above the resistance before considering opening a long position. Targets to keep an eye on are : 1.12511 up to 1.13863.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.
After a big upward or downward move, buyers or sellers usually pause to catch their breath before taking the pair further in the same direction.
Because of this, the price usually consolidates and forms a tiny symmetrical triangle, which is called a pennant. While the price is still consolidating, more buyers or sellers usually decide to jump in on the strong move, forcing the price to bust out of the pennant formation.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-chargin’ again.
This means that the sharp climb in price would resume after that brief period of consolidation, when bulls gather enough energy to take the price higher again. The most important part is the breakout level, which has always been to the upside of the triangular flag, Price has to close above the resistance before considering opening a long position. Targets to keep an eye on are : 1.12511 up to 1.13863.
Risk Disclaimer:
Trading cryptocurrency on margin carries a high level of risk(volatile), and may not be suitable for all trades who are yet to understand how to use STOP LOSS. The high degree of leverage can work against you as well as for you.
It is your responsibility to confirm if you want to take this trade or not. Trade only with risk capital; that is, trade with money that, if lost, will not adversely impact your lifestyle and your ability to meet your financial obligations.
If you do not fully understand these risks you must seek independent advice from your financial advisor.