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Bearish Pennant

Bitcoin Daily Update (day 259)I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. My recent Bitcoin Bubble Comparison - 3 Day Chart led to the following calls: < $5,750 by 11/15/2018 & my prediction for the bottom is $2,718 by 1/20/19 | My Bitcoin Bubble Comparison - Monthly Chart closely mirrored my price and time targets | Calling for $35 ETH before the end of 2018. Previous analysis: “The first consolidation after a move is often redistribution...The 4h chart is forming a bear pennant with a $4,350 target. That will confirm with a close below the previous candle ($5,410 on USD exchanges)” Position: Short BTC:USD from $6,353 | Short ETH:USD from $205.20 & $196.32 | Short EOS:BTC from 0.000808 | Short LTC:BTC from 0.00758 Patterns: 4h bear pennant Horizontal support and resistance: S: $5,457 | R: $5,560 BTCUSDSHORTS: Very, very surprised that the shorts are still pulling back Funding Rates: Shorts pay longs 0.0097% Short term trend (3 day MA): Today’s candle retested and resisted Medium term trend (8 day MA): Looks like it will be retested at ~$5,890 Long term trend ( 34 day MA): Starting to turn down significantly Overall trend: Bear Volume: Volume has dwindled down to almost nothing during the consolidation from the last ~36 hours. Expecting a move soon. FIB’s: High of Feb 20th and low of Feb 6th’) 1 = $5,863 | 1.272 = $4,262 | 1.4140 = $3,426 | 1.618 = $2,224 Candlestick analysis: Today closed a doji. Watch for the top or bottom of the candle to be violated. Ichimoku Cloud: I expect the 1h cloud to hold as resistance (also in line with 9 day MA) TD’ Sequential: Current candle is a r2. If it breaks down below the prior at any point then that would provide a good entry Visible Range: If price can’t support $5,200 then I expect us to fall right through $5,000 due to the gap in volume Price action: 24h: +0.2% | 2w: -13.13% | 1m: -14.35% Bollinger Bands: Watching for price to stick to bottom of the daily band Trendline: Daily Trend: chop Fractals: After breaking all of the down fractals in 2018 we found support above the next one down ($5,122) RSI: All time low on daily. Watching closely for divergence Stochastic: Daily made bearish re cross Summary: We failed to confirm the bear pennant with a close below (4h chart) and now we are attempting to break out of the top. If that happens then I expect it to be nothing more than a trap / shakeout before the breakdown. I am watching the horizontals from today’s doji candle. If we breakdown below it, at any point, then that would be a red 2 below a red 1 and would provide a low risk entry. I am also watching $5,550 for horizontal resistance. If we rally through that area then I will be expecting resistance from the 9 day MA and the 34 MA on the 4h chart. Those are waiting at $5,800 - $5,880. Anywhere above $5,800 will be a very low risk / high reward shorting opportunity. If not in a position then I would be watching for a bounce to that area or or a breakdown below today’s candle.
BITMEX:BTCUSD.PShort
by Sawcruhteez
Bitcoin Daily Update (day 258)I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. My recent Bitcoin Bubble Comparison - 3 Day Chart led to the following calls: < $5,750 by 11/15/2018 & my prediction for the bottom is $2,718 by 1/20/19 | My Bitcoin Bubble Comparison - Monthly Chart closely mirrored my price and time targets | Calling for $35 ETH before the end of 2018. Previous analysis : Reiterated views from previous post and warned about alts pumping before falling off a cliff Position: Short BTC:USD from $6,353 | Short ETH:USD from $205.20 & $196.32 Patterns: 4h bear pennant with $4,557 target Horizontal support and resistance: S: $5,200 | R: $5,518 BTCUSDSHORTS: Pulling back hard from shooting star Funding Rates: Shorts pay longs 0.0263% | Was not expecting to see that based on the BTCUSDSHORT’ chart. Makes me wonder where all these shorts are? According to blockchainwhispers.com the long:short ratio is 54:46 therefore I cannot understand why shorts are paying longs. If anyone knows please leave a comment! Looking at 4h trends today Short term trend (3 day MA): Price recently closed below Medium term trend (8 day MA): Recent sell signal with 3 crossing 8 Long term trend ( 34 day MA): Angled down sharply, will be apart of resistance cluster if we bounce to $6,000 Overall trend: bear Volume: Volume has died down following the spike, another volume spike should be following soon. FIB’s: High of Feb 20th and low of Feb 6th') 1 = $5,863 | 1.272 = $4,262 | 1.4140 = $3,426 | 1.618 = $2,224 Candlestick analysis: Failing to bounce off high volume dragonfly is very bearish Ichimoku Cloud: Thick 1 hour cloud shows strong resistance at $5,570 - $5,780 TD’ Sequential: Daily red 9 Visible Range: If price can’t support $5,200 then I expect us to fall right through $5,000 due to the gap in volume Price action: 24h: -0.75% | 2w: -12.97% | 1m: -14.42% Bollinger Bands: Watching for price to stick to bottom band after closing outside Trendline: Bear pennant Daily Trend: Bearish Fractals: After breaking all of the down fractals in 2018 we found support above the next one down ($5,122) RSI: All time low on daily. Watching closely for divergence Stochastic: Daily looks like it is recrossing bearish Summary: The first consolidation after a move is often redistribution (or reaccumulation) and it is starting to look like BTC’ will following that pattern instead of bouncing to retest $6,000 for resistance. The 4h chart is forming a bear pennant with a $4,350 target. That will confirm with a close below the previous candle ($5,410 on USD exchanges).That would also give the daily chart a chance to form the bull div’ that I have been watching for. That also lines up very nicely with my prediction that $5,000 will breakdown without providing a bounce due to the gap in volume. If that happens then $4,200 - $4,500 would be very likely to provide support. If all goes according to plan then I will be closing my shorts in that area and looking to open small longs. In the meantime I am stalking alt’s looking for short positions. EOS’, LTC’, XRP’ and TRX’ are at the very top of my list and I think the next 1-2 days will provide some prime entries.
COINBASE:BTCUSDShort
by Sawcruhteez
2
Bitcoin Daily Update (day 241)I believe that it is possible to beat the market through a consistent and unemotional approach. This is primarily achieved through preparing instead of reacting. Click here to learn more about how I use the indicators below and Click here to get my complete trading strategy! Please be advised that I swing trade and will often hold onto a position for > 1 month. What you do with your $ is your business, what I do with my $ is my business. My recent Bitcoin Bubble Comparison - 3 Day Chart led to the following calls: < $5,750 by 11/15/2018 & my prediction for the bottom is $2,718 by 1/20/19 | My Bitcoin Bubble Comparison - Monthly Chart closely mirrored the price and time targets | Calling for $35 ETH before the end of 2018. Previous analysis / position: “From here I will be watching for a bounce on the 1h and 4h charts to retest $6,375 for resistance.” / Short USDT:USD from 0.968 | Short ETHUSD from $197.81 Patterns: Labeling a bear pennant on the 4h chart and expecting a bull trap bounce to $6,385 Horizontal support and resistance: S: $6,255 | R: $6,287 BTCUSDSHORTS: Continues to support inside the triangle, although current daily candle is fully below it. Funding Rates: Longs pay shorts 0.049% - getting paid to hold a position provides good confirmation that I am not betting with the herd. Short term trend (4 day MA): bear Medium term trend (4 week MA): bear Long term trend ( 32 Week): bear Overall trend: bear Volume: When volume? FIB’s: Selloff found support at 0.786 ($6,210) | Breaking down 0.618 ($6,327) is very significant | 1.618 extention is at $5,630 Candlestick analysis: Daily shooting star closed today Ichimoku Cloud: 1h cloud from $6,290 - $6,340 indicates that the price could find resistance before retesting prior support at $6,385 TD’ Sequential: Weekly and daily r4. Getting more and more likely that monthly closes below $6,390 which would continue the setup with a r3. Visible Range: Looking back to Feb 2018 (when this range started) and the POC is at $6,339 with the bottom of the highest volume node at $6,162. Price action: 24h: +0.007% | 2w: -0.03% | 1m: Bollinger Bands: Daily MA at $6,356 will be apart of the resistance cluster Trendline: At $6,188 and $6,520 Daily Trend: Chop Fractals: Busted two down fractals on last move, new one waits at $6,055 RSI: 4h is bouncing while price is flat - hidden bear div | 1h has retested 50 and basically double topped Stochastic: 1h sell | 4h looks like it is rejecting bullish crossover | Daily is getting ready to enter oversold territory - remember that the biggest moves often happen when the daily stochastic gets stuck at the top or bottom. Summary: I have drawn a few arrows to outline what I think is the most likely price action from here. Bounce to $6,385 | selloff to $6,000 | bounce to $6,150 and then breakdown $6,000. If we do bounce from here then it should provide a great opportunity to enter / add to a short. If the 4h bear pennant breaks down then I would not be viewing it as a good opportunity to open a short or add to one. That is due to the bull trendline waiting at $6,185 - which also represents my phase 2 hyperwave line. That area has provided major support every time it has been tested. If you are not in a position and are wanting to enter a short then my plan would be: A) prepare to sell if we bounce to ~$6,300 B) If we don’t bounce then wait for the green trendline to break down and either sell the breakout, sell the throwback or do both.
BITMEX:BTCUSD.PShort
by Sawcruhteez
2
good night eth... rising wedge reversal or bear flag (pennant)on kraken trading but levels are more clear on coinbase i will show both charts acct 1689 10 eth short at 199.7 will look to add on a push and rejection back up to bottom trend line close in channel or a open candle moving all the way back to top trend line will prob be stop also ( actively trading so not set stops) will look to take profit in green highlighted area ... could see continuation below but i lean that we bounce rather than dump but im watching it bch also had a nice bullish setup and move today and its triple topped out and failing to breakout
COINBASE:ETHUSDShort
by Playj
ETHBTC LONGBINANCE:ETHBTC is situated into a Bear Pennant which is bearish We have a very strong resistence Ichimoku Cloud) and also if you zoom a little bit this chart you can see a Bearflag into this Bear Pennant so the downtrend will confirmed Cboe futures will expire in 16-17 october which will result into BTC dump and altcoins will follow ETHBTC target is ~0.00275 btc for a Double Bottom After we can see a nice breakout becouse the ichimoku will be less/thin and also double bottom is a reversal pattern
Short
by CryptoRomaniaTD
Bitcoin | The Calm Before The Storm? [BTCUSD]Taking a look at the BTC charts today, Bulls and Bears seem kind of in equilibrium. The range is getting tighter and tighter. I don't think we will immediately break above 6.6k or below 6.2k. We mighty consolidate between this range for a while. This may seem like BTC has finally stabilized, but I rather think it's the calm before the storm. We're at the end of a multi-month consolidation pattern - therefore, I assume that we will see some violent moves soon. The upcoming ETF decision is probably the catalyst. Bitcoin going sideways may give Altcoins some room to breathe. Since they've been dragged into the dirt so much, I'd assume that they go up during BTC consolidation. Patterns Ascending triangle or bear pennant. Pick your poison. Have a nice day!
BITFINEX:BTCUSD
by REKTCryptoTrader
US 30 near Pivot; Bearish Gartley Completed 9/14/18Dow index has reached 1.618 Fibo on B-D arm 9/14 when pattern is drawn from closing price tops of candle bodies. A previous idea of mine showed it from top of wicks. This is necromancy, folks. Somewhere in between lies reality. Expect to see that on Monday or perhaps Tuesday next week. Should arrive Thursday at the latest. Target zone for pivot is depicted in chart with price labels. R3 is at 26331; anything is possible but it seems unlikely, given the geopolitical milieu. Somewhere in the box between 26248-26288 is the most likely zone, just under the trendline reaching back thru June to April. On decline, target is S1 at 25790, previously tested. Lower of course possible depending on sentiment and panic levels. S2-S5 depicted with labels. Alternate path shown if rally fails; I expect index to test trendline in the box, however. We have an exhaustion gap on 9/13 to backfill in a bear pennant, and investor sentiment is now >70% bullish, VIX near alltime lows and three major indices making new alltime highs. See my linked post for explanation why 9/18 Dow of 26200 = 12/17 Dow of 27260. (Share buybacks, 2 components in bear territory.) As always, trade at your own risk as I do not pretend to give investment advice and this post is an idea for education and entertainment only- good luck!
DJ:DJIShort
by DaddySawbucks
BTCUSD : Neighborhood bear watchNeed to watch BTC very carefully inside this pennant. As we saw just a week ago, ETH broke its pennant and is down to $175 from $300! We have had a 0.618 Fib retrace and 3 consecutive lower highs. Right now we are in a potential bull trap position where a fake out might occur to the upside trapping longs. Bearish move invalidated ( for now ) if close above $6380. Looking to short the retest of pennant when we break down. ---------------------------------------------------------------------------- My position Entry : $6240 ( after $6240 is breached I will place order ) TP1 : $59XX ---------------------------------------------------------------------------- My ideas are not finacial advice. ----------------------------------------------------------------------------
BITFINEX:BTCUSDShort
by dalvinchi
BTC about to define a bearish pennantOn the 4 hour chart, btc is ending a symmetrical triangle which is itself part of a bearish pennant. Last three times this happened, it broke down with force. I do not expect this to be an exception, so I am already on a short position, with a target of around 6100, which is decent for a scalp, specially if you use leverage. Bollinger Bands are really ight right now, so this should resolve itself at any minute. Bulls dont seem interested on defending this range, and bears have grown very confident after the huge dump last week. I am not using a stop loss yet, since I am NOT using leverage, and would be adding up to my position up until 6800, where I would take my losses. But, for the record, I DO NOT ENCOURAGE OR RECOMMEND NOT USING STOP LOSS. This could break your account. If you found this useful, please follow and thumb me up! helps a lot! Safe trades!
BITFINEX:BTCUSDShort
by Motrok
Vertcoin bear pennantAfter creating a big bearish move from the recent highs, Vertcoin has spent last month in the consolidation zone. Meanwhile, the coin has developed a bearish pennant formation. Pennant pattern forms when the price rallies sharply, then moves sideways or slightly to the downside. If the consolidation of the price movement takes place in the form of the channel then we have a bearish flag. However, in this case, the consolidation took place in the form of a mini triangle, thus bearish pennant is formed. This formation is traded once the price breaks out of the triangle in the direction of the initial move. As we have already moved outside of the pennant, then came back to re-test the bottom of the pennant in the form of a resistance, the price is again leaving the pennant in a move that represents the confirmation of the bearish pennant formation. Although the bear pennant formation points much lower to the new lows, the first big test for the bears is the zone between 0.0000915 - 0.0000860, which is a confluence of 127.2% Fibonacci extension and horizontal support line. This zone should be a great opportunity for bears to take some profits off the table and for those looking to enter a long trade.
VShort
by WhaleAgents
IOTA in a bearish pennantIOTA is continuing its trip to the downside. The move that started around 0.0002850 has brought the coin all the way to 0.0000790. The coin also pushed through the 127.2% extension support and it has consolidated below that support since the initial break occurred. Moreover, the price action has created a bear pennant that has consolidated the price within a wedge. The wedge is now close to break and we are strongly favoring the continuation of the downside move. The bear pennant setup should bring the price action below the next key Fibbo support 161.8% around 0.000030.
Short
by WhaleAgents
DOW Bearish Ascending Triangle Forming Elliott Correction Wave BFellow traders, here is my updated idea on what the Dow might be in for, given unfolding patterns- although small Elliott 'microwaves' have appeared in the past week, they are chaotic and unreliable; instead we have what looks like a truncated flat contracting 'B' wave in A-B-C Elliott Wave correction; An argument can be made for a minor 1-2-3 impulse over past week ending on 7-06 with a small subwave 3; if it really is, then a wave 4 sharp pullback is expected (since wave 2 was so flat, by alternating wave theory any 4th wave will be sharp), possibly back to 24240, but not below wave 1 top, which was quite weak; if we see this, it begs for a 5th wave impulse to retest 245 resistance; estimating possible high of 24680 = Fibo 0.618, unless it also truncates; R2 at 247 will be fiercely tenacious. I favor the following argument instead, and I fear any rise significantly above 24540 is unlikely, given price action, patterns and the miasmic market milieu: A bearish ascending triangle is forming now in the pennant at base of Dow flagpole Wave A, colored in chart: Wave A cut 1400 off index and instead of a robust Wave B to form a right shoulder, as many of us anticipated, we got the pennant- a very bearish formation with strong R at 24500, now tested x4; these are typical continuation patterns for downtrend The closing Dow price on 7-06 of 24457 is just 10 points under the 0.50 Fibo retrace for the ascending wedge from which it broke down- typically we expect break from asc-wedge to react up to 1/2 wedge height; now it has (NB: NOT the A wave drop height--> use the wedge height = 25401 - 23531 = -1870, expect 0.50 rise to 23531 + 935 = 24,466!) When break down from pennant ascending triangle comes, it is expected to typically fall equal to or even greater than the drop down flagpole (=> -1400, expect 23054 or lower is possible) The rapidly closing triangle suggests that breakdown will arrive on or before 07-13 Wave C of an A-B-C Elliott bearish wave cycle is the strongest and most bearish corrective reaction wave, expect panic selling to begin when S1, reaching back to October 2017, is breached; this could easily drive index under 23K - possibly as low as 21800 at S2 reaching to Aug 2017 Wave D reaction to Wave C is shown as pure hypothetical, as a possible 0.618 Fibo rally to 23931 in August (given C pivot at 23054); what actually happens after C remains to be seen Wave E may or not materialize, it can be truncated, but if it does appear, it will bear down hard - a real crash (thank the Donald if it breaks under 20K!). Recovery anticipated as a Elliott 1-2-3-4-5 wave motive impulse to carry index back to the long trendline reaching back to 2010, possibly beginning after mid-term elections in November. Estimates for index shown are purely hypothetical approximations, based on Fibos and possible supports. I do not make predictions, only forecasting possibles based on wave theory, which is sometimes quite erroneous. Feedback and constructive criticism is always welcome! Good luck to all of us.
DJ:DJIShort
by DaddySawbucks
2