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Pennantbreakout

VERGE BREAKOUT (VERGECEPTION) | ...A Pennant within a Pennant.Fellow Traders, So I've been following the verge drama since the McAfee tweets. I've been keeping up on the news, I've been following the tweets between XVGwhale, Verge themselves and everyone inbetween. Ive been on both sides of the fence, I've been a FOMO'er a FUDDER, Ive bought Ive sold, Ive HEDL'd (past tense of HODL?) and traded, And through all of this I started making some calls- Good calls. And I wanted to share my next one with you because I truly believe this is how it will play out. I predicted the change in resistance and even made some %'s on the way down. I called it the pennant within a pennant. This is the sliding door of altcoins - the schroedingers cat. Its both dead and alive,its music and its silence. Its love and its hate. I have never come across a coin with so rich a tapestry woven behind it. Its been a hell of a ride. So without further ado, my analysis.. Verge's price action has been consolidating since the twitter drama, it is about to break out of its pennant. From here it will drive upwards and test the 1380-1450 range on the top 'Daddy line' of resistance. From here it will bounce back down (unless mondays upcoming news is monumental and it turns out JustinVendetta is Satoshi himself and Verge is the real bitcoin and has been all along) and find support at one of 2 levels. 1. The new line of resistance surging up (ho line), 2. The old line of resistance trailling at the back (daddy line). This is where the party splits, we enter the matrix, multiverse theory. The price action surges up off the ho line to previous resistance of 1700 sats, where it either bursts through like the alien chestburster scene (unlikely but possible), or rebounds off and finds support on the previous Daddy resistance line. Or it pushes through the ho line to whence it came and finds support on the daddy support line and finishes off the original pendant before breaking out. The more positive outcomes from this story are more likely in my opinion as it is on new support and theres is news coming out tomorrow.. Regarding the chart I have labelled it as best I can and changed colour every time the story turns. These 2 stories could also give birth to a baby story, that has properties from both scenarios... ....a transverging story if you will
X
by Mysterion94
10
Stellar - Pennant Pattern - 0.00003245 - 3845Hey traders! I want to share with you my Stellar´s analysis. It called my attention because in last few days it increased a lot its marketcap, breaking with a lot of force (I mean Volume) the top of its last channel, and finally, forming a pennant pattern (If you want to know more about this kind of pattern, please go to the end of this post). I also want you to notice how volume has been decreasing during the pattern formation, which exactly the way how volume confirms this pattern existance. If you want to enter to this market, I recommend you two things: First, wait for MACD´s inflextion point, which means the point where MACD change its direction (from down to up, I will try to update this post when that occurs anyway), and second, wait for a price bounce of the new possible tendency line (the white one). This bounce -and brekaout- must be accompained by a big volume increment. Those are exactly the criterions we have to keep in mind to confirm this pattern. If bounce doesn´t occurs, this analysis will not still being valid and we will have to wait for more market info. MY ORDERS BUYSTOP: 0.00002650 TakeProfit 1: 0.00003245 TakeProfit 2: 0.00003845 Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :) Pennant Pattern - How does it works? Well, in first place you have to know this kind of pattern is a continuation pattern. It always has to be preceded by a big price movement (which is exactly what we can observe in Stellar's chart), and it is created like a little pause in the bullish -or bearish- movement (as you can see this a bullish pennant). Once it is broken, we can expect another big movement equal to the pole´s height. You have to know Volume is also an important indicator to confirm this pattern. When a pennant pattern formation is taking place, volume has to start decreasing, which is exactly what we can see. On the contrary, when the breakout occurs, Volume has to increase a lot. Are you interested in Technical Analysis? I recommend you the John Murphy´s book: Technical Analysis of Financial Markets. It is a great introductory book. Do you want me to analyze an specific coin? I'm all ears, please contact me :) If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
SLong
by Juanchobanano
47
Ripple/EUR: price to break out of "Ascending Triangle"-pattern?Pennant-pattern (see the two orange trendlines): First of all, price broke out of a "Pennant"-pattern. This resulted into a price target of EUR 1.21 Calculation: Between 12/12/2017 and 12/14/2017 price increased from roughly EUR 0.20 to EUR 0.76 The difference is 0.76-0.20=0.56 You add this difference to the price at which price broke out of the "Pennant"-pattern, which was EUR 0.65 This results into a price target of 0.65+0.56=1.21 Ascending Triangle-pattern (see the two blue trendlines): At the moment price is a the top of the "Ascending Triangle"-pattern. This pattern is a continuation pattern: price takes a breather from the previous increase. Also, the rising blue trendline indicates that even though price also decreases, the price decreases are getting smaller: price is being pushed to the upside Bearish divergence price and RSI (see the two purple lines): However, we spot a bearish divergence between price and the RSI: the price sets a higher high, but the RSI does not. This means that the higher high of the price isn't confirmed by the RSI. This indicates that the momentum is slowing down and, therefore, price increase may be halted.
Long
by Commandeur