BTC is forming a huge bear pennant on the 1h against USDT. When it breaks I'll probably go short. I expect a lot of previous support at the 38K -39K level but if that doesn't hold we're probably will be going to the mid thirties.
Would you guys short this if it breaks?
Projected a Short opportunity after noticing a bearish Pennant pattern on SHIB/TETHER . Just checked. it just kissed the take profit and rose again. Great learning about chart patterns and yes trusting the process is the way to go.
Tesla has been trading below 200 MA for good period of time & has formed Bearish Pennant price action pattern which indicates a Bearish continuation trend signal. Using Fibonacci we also plotted that, Tesla is not able to break its 50% retracement level which infact is exactly at the price level where 200MA is standing. It’s a double & strong reversal sign. Also...
Can you see the Chart is speaking very clear?!
- 38.2% Fib retracement done from the Tops, and the Pennant was Counter trend in nature with a 3 Wave Advance
- On 10th November, we got confirmation to Short, Price also closed below 5 Day EMA and it has turned down sloping now
- Also notice how Price cannot sustain above Anchored VWAP from the Tops
- Price is...
If closes below 1100 (i.e. a breakdown), Sell: 1095, SL:1128, Target1: 1072 Target 2: 935 levels
Disclaimer: I am a novice in the markets, so please don't construe your trade basis this chart. I post it to see if my views holds true.