BTC going down again? 1hr chart
We just travelled down the entire length of the previous bear flag's pole length and are now building into a bear pennant, if it breaks down we will see a further drop again to under 9k. As always watch for the confirmation of a breakout by looking for a closing candle outside the pennant and see an increase in volume, an indicator like Aaroon can help decide if the trend down is still strong also. Look for oversold /Over bought levels but remember they can stay at those levels for long periods.
Good Luck .
Good Luck .
Note
We have bounced off the top of the pennant 7 times and is currently failing to the bottom.Note
We have broken above the 1hr pennant, watch for close first.Trade active
Trade closed manually
This trendline is very strong and has yet to be broken, has many bounces. I have closed shorts and watching for indication and possible safe entry into a long. We have a breakout of the downward channel n the hourly also. How quick things can change, that is the thing with Technical Analysis, you must be like water, fluid and ready to make the next move and not be set in a bears or bulls position as a permanent mindset. Good Luck my friends.Note
Note
What I meant to say was it yet to be broken since we have started back into the uptrending channel.
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