BTC - Quick update, 5k+ !
BTC forming a pennant.
RSI showing bearish divergence, but don't let this fool you. We are moving up.
RSI showing bearish divergence, but don't let this fool you. We are moving up.
Note
if we break below the rising trendline of the pennant it's possible that we will see a correction to 3,8k, a subsequent rally that get's stopped out at 4k will produce a head and shoulders pattern which will put us in the 3200 region. this in itself will invalidate this whole bullish move (bull trap) and is likely to put back BTC into a lower low.Note
Examples.Please your SL smart. Pennant can turn into a bullflag, so there is a 2 way bullish scenario if 4k holds as support but we drop out of the ascending trendline.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.