We have a bullish pennant about to break at any time from now and maximum by tomorrow, you can also clearly observe this in the 2 hours chart. If this break up we most likely could see prices above 43k in the next few days.
Btc could be in the last hours for something big to come.
We are retesting the Pennant now converted in a symmetrical triangle, I strongly believe we could form a double bottom in this 4 hours chart and we could be making resistance now in the neckline.
I think we will retest this broken downtrend and create the second leg of a W, we will could touch the neckline after and may break up or continue the downtrend.
We finally broke the pennant down but is not falling hard due to an M double top neckline acting as a support now, I expect bitcoin prices to see a big move to the downside when this M Neckline gets broken the target of this M would be $25,600 and we have to pass down $33,400 to see this happen, the target of the pennant now almost converted in a Symmetrical...
Stochastic RSI in a crossover from top, RSI indicator hit the resistance line at the same time, last couple of times this happened we experienced a massive drop, we are now at same situation, stochastic RSI crossover and RSI hit the top already, pennant also about to break down, so are we going to repeat same scenario? we still have a small chance to break the RSI...
Btc has finally hit the original support line that was created at the beginning of the pennant, this is the last support line we could hit, if we break this line Btc could drop heavil, we are about to break this pennant down.
We could have a big last chance to break this small falling wedge up and at least hit the top of the pennant again, this wedges normally breaks to the upside but this one will not be easy, we will need to pass the purple 21 EMA line first for that to happens otherwise this could also break down and finally break the pennant.
Btc broke the bear flag in the 4 hours chart this morning but still managed to be inside of the pennant, is now in a critical situation and we could experience a big drop if we break the pennant to the downside, not more than a couple of days left, Could happen at any time from now.
we may have a bear flag about to break it down and this could led to break the pennant down too, the possibilities to break the pennant up are getting smaller.
we are back to our possible previous scenario, this was a fake out and now it is going to be very difficult to breakup again but it could happen,however be ready in case we break to the downside for a big dip, could also be a fake out so be careful.
We managed to break the pennant up and now Btc is in the way to at least the Neckline of the W and the 21 daily EMA, if we break that up we could see a big pump, but before we hit the target at $51k we also need to pass the 21 week EMA sitting at around $43,900.
We have an ascending triangle inside a Bearish Pennant, we could be close to break it, is this going to dictate in what direction are we going to break the Pennant?
if this is a Diamond top we could change the trend to the downside but this is not 100% accurate, lets see.
Is this the reason why big institutions are dumping bitcoin to move into gold? Gold is just breaking a supper bull flag in the Monthly chart, this could be retested next Month to be heading to more than $2,500 in less than 2 years, the Monthly candle finish tomorrow so this is for sure not a fake out.
It looks in the RSI we could be touching resistance now and we could touch the bottom of this pennant again before hitting the top, that would create the second leg of the W to be heading to the upside after, lets see what is going play out first.
We have finally found support in our Bearish Pennant, we most likely are in the way to hit the top of the pennant, this could be most probably the last touch up to break this down after, but there are some chances that we could be creating a double bottom and reverse the trend up, if we break this pennant down BTC could bleed hard.
This Bearish Pennant in the 4 hours chart now looks like it can break down at any time from now and may not hit the top anymore if this is the real formation, so be careful please, we could drop heavily if we pass down the doted yellow line.