Gouws199
Short

$BTC Pennant Continuation | Lines Up With 0.382 Fib | #Bitcoin

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract

Continuation pennant forming, CMF and OBV showing distribution after a drop rather than accumulation. Long to short ration on Bitfinex is also showing more longs than shorts, although both have taken quite a dip. The target for the pennant continuation also lines up almost perfectly with the 0.382 Fib retracement taken from the bottom ~3200 to the recent high at ~9000. I have a feeling this will hold and create at the fib and below 9k for the next few months, probably into October. Fast capitulation to lower levels down to the 0.786 levels (~4400) is also still quite possible, but becomes less and less probable the longer we consolidate at these higher levels.

Bitcoin seems to like to consolidate in Ascending triangles before each major extended bull market, so that is something I am looking for atm. Something like this:

Obviously, pure speculation, but let's see how it goes ;)

Trade active:

Playing out as expected so far. Closing bids staggered throughout the green box.
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