Large Pennant to lead the way

After my last idea played out perfectly its about time I share another. A downfall this time, being 100% technical, there is so much going on globally. So many outside factors in this space that I am not sure is 2020 can be considered predictable but I will stick to what I know since it has served me well in the past.

It looks to me that we are in a large pennant. As of today BTC is struggling to stay above my 1st resistance. I am expecting a breakdown below the R1(yellow) to the Pivot(orange). My bullish side is looking for an upper break out of the pennant and a strong bounce off the pennant. My bearish side is looking for a breakdown below $8000 to my buy zone between $6700-$7000. I believe the bullrun to ATH is coming soon. Well my soon which would be under 1 year.

Note

BTC has risen to the top of the pennant, breifly surpassing it then got shut back down. bulls are currently trying to get it back up. look for the close out above 9700

Note

and BTC has smashed through the resistance. almost looked too easy. looks like ATM i will not be hitting my next buy. BTC is a strong hold right now.

Note

rejected at the my 3rd resistance(blue) I am looking for a quick buy at a pull back. I will be taking my allotment and splitting it into 3 buy points. @10500, @9500 and @9160.

Note

Rejected at R3(blue) twice now. A third retest can send it back on track to unknown highs. Before that happens I would prepare to buy at R2(green) 10000

Note

I wouldn't be surprised if we stay in this resistance channel for the rest of the year.

Note

I wish I was able to keep this updated because I played it perfectly. sorry everybody

Trade closed: target reached

Priddy23

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.