#BTC break down this bearish pennant pattern!
Updated
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BTC break down this bearish pennant pattern
What is a bearish pennant?
A bearish pennant is a technical trading pattern that indicates the impending continuation of a downward price move. They’re essentially the opposite of bullish pennants: instead of consolidating after a move up, the market pauses on a significant move down.
When technical traders spot a bearish flag pennant, they take it as a sign that the downward price move is going to continue once the market breaks below its support line. Like their counterpart, bearish pennants can occur over any time frame.
Currently retesting it. According to this pattern, we can drop 27% from here.
Bulls need to invalidate the pattern
Stay tuned. I will keep updating.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Consider following me for the latest updates and Long /Short calls on almost every exchange.
I post short mid and long-term trade setups too.
Let’s get to the chart!
I have tried my best to bring the best possible outcome to this chart, Do not consider financial advice.
BTC break down this bearish pennant pattern
What is a bearish pennant?
A bearish pennant is a technical trading pattern that indicates the impending continuation of a downward price move. They’re essentially the opposite of bullish pennants: instead of consolidating after a move up, the market pauses on a significant move down.
When technical traders spot a bearish flag pennant, they take it as a sign that the downward price move is going to continue once the market breaks below its support line. Like their counterpart, bearish pennants can occur over any time frame.
Currently retesting it. According to this pattern, we can drop 27% from here.
Bulls need to invalidate the pattern
Stay tuned. I will keep updating.
This chart is likely to help you make better trade decisions if it does consider upvoting it.
I would also love to know your charts and views in the comment section.
Thank you
Note
BTC is not looking good in a shorter time frame, but in the weekly timeframe, it looks good.
BTC Bulls lost the 18k Crucial Support but Still Moving inside the Falling Wedge in the Weekly timeframe.
RSI is Printing Bullish Divergence as well.
In Case of a Bounce Back from here, Bitcoin Might test the 22,800 Resistance in Late December.
Note
In this 2hours time frame, BTC is still in place in this descending triangle pattern. In my opinion, we will see more sideways move.
We need a Breakout or breakdown to confirm the next move.
We have 15,700 as a support
Note
#BTC UPDATE
BTC took a sharp correction after a successful breakdown of the symmetrical triangle. Currently, it is holding above the horizontal support, which is the main level for bulls to defend to regain bullish momentum.
If BTC breakdown the horizontal support with a retest below it, then a downward move is expected toward the strong support zone of
14K-12.5K and that could be the end of the corrective waves.Stay tuned I will keep updating.
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