BTCUSD - The Pattern That Will Determine a Bull or Bear Run
As you can see there is a huge Pennant forming for about 8-9 months now, both support and resistance were tested multiple times and it could not break out.
- The reversal occurred twice in the golden ratio as you can see from the pink circles.
- The third reversal did not occur in the golden ratio, the candles did not reach the golden ratio. This is show by the red circle.
- The orange rectangle is the area which will indicate a bullish or bearish future for Bitcoin.
- The RSI is also forming a pennant, a breakout or breakdown out of the pennant will be an indicator on wether the market will go bullish or bearish.
Senario 1
The candles will either reverse in or near the golden ratio and then break down, it may hit the support and bounce off. If not it will come crushing down.
Senario 2
The candles will not follow the pattern of the last 3 reversals and reverse in or near the golden ratio, and will break out of the resistance and shoot up dramatically.
Hope everyone appreciates my time and effort.
Please leave comments and feedback, it will be much appreciated.
- The reversal occurred twice in the golden ratio as you can see from the pink circles.
- The third reversal did not occur in the golden ratio, the candles did not reach the golden ratio. This is show by the red circle.
- The orange rectangle is the area which will indicate a bullish or bearish future for Bitcoin.
- The RSI is also forming a pennant, a breakout or breakdown out of the pennant will be an indicator on wether the market will go bullish or bearish.
Senario 1
The candles will either reverse in or near the golden ratio and then break down, it may hit the support and bounce off. If not it will come crushing down.
Senario 2
The candles will not follow the pattern of the last 3 reversals and reverse in or near the golden ratio, and will break out of the resistance and shoot up dramatically.
Hope everyone appreciates my time and effort.
Please leave comments and feedback, it will be much appreciated.
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