Pennant Identification Guidelines
Characteristic: Price trend can be any direction leading to the chart pattern. The shape looks like a short symmetrical triangle and price moves between two converging trendlines. The duration for a Pennants are short, 3 weeks long or less. Patterns longer than that are symmetrical triangles, rising or falling wedges. The flagpole which leads to the pennant should be unusually steep and last several days.Volume trend Downward trend 89% of the time. Breakout Upward 57% of the time.
Time Frame: 4 hour chart
My Targets: Probability can change base on BTC actions.
Possible Entry: What I'm looking for:
.0000485 - .000049
Resistance needed to break:
.00005081
Targets: Can exceed or not meet expectation
1 .00005299
2 .00005639
Stop: Base on a Daily Candle Close.
.0000475
Please remember to DYOR and this is not financial or investment advice. It's my targets for the market at this moment. Please let me know what you think of my technical analysis and thank you.