BTC - Pennant consolidation in extremely large trading range
A Pennant consolidation in an extremely large trading range is also going to produce an extremely large move upwards or downwards .
Points to ponder
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a) The current trading range of the consolidation is between 10090 and 8522.
b) if BTC breaks out of the top of the trading range at 10090 its going to move to 11770 .
c) if BTC breaks out the bottom of the range at 8522 its going to move to 6934
d) The Point of Control for the pennant is at 9512; hence if BTC has plans to move up it will spend a lot of time at or above the POC
e) if BTC is breaking upwards then the pennant should also break out before travelling 75% of its length. This point is marked by the blue dashed line and occurs aound June 13th - if BTC has not broken out upwards by the time it reaches this area then its most likely dumping to the 7K area .
f) BTC has also made 3 touches at the top of the pennant and 2 at the bottom . A minimum of two touches of each side of are required to complete the pennant; hence if BTC is moving out of the pennant its currently at the point where it can move out of the pennant . This would be identified by BTC moving above 9850 .
if BTC is unable to move out of the pennant then BTC will drop to the bottom of the pennant at 8900 and retry the move up again
Dont know what to do ?
===========================
then Play safe and sit tight and wait for a break of the trading range (either10090 or 8522) to determine the direction of the move .
These are large gains in either direction the move takes so no need for FOMO.
Points to ponder
====================
a) The current trading range of the consolidation is between 10090 and 8522.
b) if BTC breaks out of the top of the trading range at 10090 its going to move to 11770 .
c) if BTC breaks out the bottom of the range at 8522 its going to move to 6934
d) The Point of Control for the pennant is at 9512; hence if BTC has plans to move up it will spend a lot of time at or above the POC
e) if BTC is breaking upwards then the pennant should also break out before travelling 75% of its length. This point is marked by the blue dashed line and occurs aound June 13th - if BTC has not broken out upwards by the time it reaches this area then its most likely dumping to the 7K area .
f) BTC has also made 3 touches at the top of the pennant and 2 at the bottom . A minimum of two touches of each side of are required to complete the pennant; hence if BTC is moving out of the pennant its currently at the point where it can move out of the pennant . This would be identified by BTC moving above 9850 .
if BTC is unable to move out of the pennant then BTC will drop to the bottom of the pennant at 8900 and retry the move up again
Dont know what to do ?
===========================
then Play safe and sit tight and wait for a break of the trading range (either10090 or 8522) to determine the direction of the move .
These are large gains in either direction the move takes so no need for FOMO.