BTC has formed a pennant.
The lower blue line acted as support so far, and the upper blue line as resistance.
The EMA 50 is at the upper line (on the hourly chart), increasing the resistance of this level.
Pennants in a downtrend tend to break to the downside, which could bring the double top target (red line) from my previous post into play.
However, if we break to the upside, that would signal nice bullish momentum.
If you are long, you could set a stop loss just below the upper blue line.
If we break to the upside, you could buy the breakout from the pennant, and target around 8.000 Euro.
Good luck!
The lower blue line acted as support so far, and the upper blue line as resistance.
The EMA 50 is at the upper line (on the hourly chart), increasing the resistance of this level.
Pennants in a downtrend tend to break to the downside, which could bring the double top target (red line) from my previous post into play.
However, if we break to the upside, that would signal nice bullish momentum.
If you are long, you could set a stop loss just below the upper blue line.
If we break to the upside, you could buy the breakout from the pennant, and target around 8.000 Euro.
Good luck!
Comment:
We had a little rally up, and immediately got rejected at the upper trendline.
Comment:
Surprise surprise, we broke out upwards from the pennant!
Well actually we left the pennant by going sideways, and then moved up, lol.
Let's see if we can sustain this higher levels.
Well actually we left the pennant by going sideways, and then moved up, lol.
Let's see if we can sustain this higher levels.
Comment:
So the decision got delayed a bit, but nevertheless, it has been made: we are going down.
I absolultely expect it to take out our recent lows of around 6.900, and tank lower.
I absolultely expect it to take out our recent lows of around 6.900, and tank lower.