BTCUSD Bearish pennant or reversal pattern? MACD, RSI are goodBTCUSD
Bearish Pennant vs Symmetrical Triangle. Who wins?
22,000 or 46,000?
MACD and RSI both look optimistic though.
Bearish Pennant
BEARISH PENNANT BROKEN (retest is coming) BTCGood afternoon traders, First of all please like this post or leave a comment to show your support for my latest calls! 👍
If you've been following my posts for the last week or two you'd know I had a bearish bias considering all the technicals/fundamentals.
Yesterday we broke to the downside and had a sell off once that level broke, now I'm thinking we'll pump to the blue box ($35,555) maybe higher or lower (give or take), trap bulls, confirm the retest of bearish pennant and then continue down.
We've been printing lower highs and lower lows, and if we reject the bearish pennant trend line we'll have a CONFIRMED breakdown and I'll start shorting around that level. ($35,555)
This is just a scalp long and I'm only bullish until we retest the broken trend line , from there I'll post another short trade idea explaining what has happened when we get there.
Stay safe and avoid leverage 👍
BTC-USD(Bearish Pennant Breakdown)After a brief consolidation in the last two weeks, BTC opened this week with negative sentiments. BTC formed a Doji candlestick on the weekly TF which depicts that market participants are currently in a state of indecision. At the time of writing, BTC is already down by more than 7% on the weekly basis.
On the downside, BTC is trying to sustain above its 50-WEMA which is placed at $33.4K, however, if we get a decisive closing below this level, the next significant support is present at $30K as 0.618 Fibonacci retracement level is present here, followed by the next major support at $27.7K
On the higher side, BTC is not able to close above its 0.50 Fib retracement level, present at $37K on the weekly basis, however, if we get a breakout from this level, the next resistance is placed at $40K followed by $43K.
On the Daily TF, BTC has already given a breakdown from its bearish pennant formation and broke its ascending trendline support, along with a death crossover, which depicts selling pressure is most likely to continue in the coming sessions. Daily RSI has also broken its ascending trendline which also signals bearish sentiments.
BTC wedge break, will support hold?BTC looks to have just broken wedge support that many have been speaking of recently. I think the question for many now is "is it in fact a bearish pennant and is a crash imminent".
If a crash were to occur and the price stays in the descending channel (orange lines on the logarithmic chart), there is indeed quite a bit of downward potential to near 16-20K, so there is understandable concern.
However, if this indeed is a pennant, it is rather surprising that a) it didn't break downward until the apex of the triangle, and b) that it did not "flash crash" and that I have even been able to write this post hours after the breakout of the wedge. It is additionally interesting to see many altcoins still staying healthily in positions against BTC, but we shall see how long that may be the case I suppose.
A key point of interest looks to be the key support for the logarithmic trend line (yellow dashed line) that looks like it may be key support shortly. If this breaks and stays broken below 32K, then I plan on keeping a close watch on the descending channel. However, if a support continues, it will be interesting if it can continue for the next week to break out of the channel (around June 13th or so).
Either way, it looks like some of the boring action might coming to a halt as all eyes start to eye BTC once again.
And of course, this is only my opinion and in no way is meant as financial advice. But please like or comment if you agree or see anything differently or in addition to these thoughts.
BEARISH PENNANT ABOUT TO BREAK DOWN (see my initial post) BTCGood afternoon traders, first of all please hit that like button or leave a comment to show your support to my page! 👍
If you had seen my post from 5 days ago where this same technical analysis was posted to my tradingview you'd know this scenario was likely to happen in terms of the highest probability (outcome) with the data/information bitcoin was providing me. (Go see my initial post, this is just an update showing weakness in the market structure/pennant.
It's starting to be clear that the Elon Musk tweet was apart of the agenda big players are playing to get retail in their emotions and not thinking clearly.
Please see the blue circle above in my TA and note that it's showing weakness and on the verge of a major collapse.
Stay safe, and be careful if you're longing here with leverage because I've got a feeling the liquidation engine is about to get turned on.
👍
Bear Pennant on BTC | Sure looks like more downside comingNot sure how people aren't seeing this but it seems like many have yet to come to terms. Bear markets are generally 2x length of bulls but a lot of people are still high from the run up to the ATH. Not investment advice.
what will happen to BTC? Bullish or bearish?Hi every one
Bitcoin / U.S. Dollar
there are 2 scenarios for BTC right now one is a bearish pennant which if the price would obey it,The price shall fall to 18K! because when ever a flag/pennant is visible the price can change as much as It's flag/pennant pole! there is a Hidden bearish Divergence (-HD) on MACD as well which is pretty Important for the bear market! but even In this situation there are signs of bullish movement as well ! as you can see also on MACD the MACD line is above the signal line which is a good bullish signal!
on the other hand there is also a symmetrical triangle as well which If bears manage to break It upward the price shall reach 50k soon!
in summary BTC can reach 50K if Elon Musk let it! otherwise BTC is gonna reach 18K. what do you think ? will bulls win or not?
Traders, if you liked this idea or have your opinion on it, write in the comments, We will be glad.
Thank you for seeing idea .
Have a nice day and Good luck
BTCUSD 4H - DMI and DPO AnalysisThe detrended price oscillator is excellent for seeking out where divergence is building.
The directional movement index is excellent for seeking out potential new trends at the very start
I'm bullish on this chart setup.
But the market can always go both ways.
Use the support trend line to set an alert. If crossunder then stop loss
Or you can set a stop loss alert on the directional movement index indicator with a bearish crossover alert.
This chart is shareable and color blind friendly
BTC wedge moment of truth coming up soon!A critical moment is approaching for BTC over the next few hours as the price approaches the top of a wedge (bearish pennant?) which I mentioned a few days ago (white lines).
A slight peak out of the wedge has occurred over the past few hours indicating a potential to break upward which can be seen as supported by a daily MACD cross (not shown). There is still quite a bit more time needed for validation, but if such a breakout occurs, this could propel the price to near the recent Fibonacci targets from 47-52K.
However, there is also likely a possibility of a continuation downward supported by MACD divergence (white line on MACD) as well as indicated by dwindling volume over the past few days.
It looks like the next few hours will be the crucial to watch which way the trend heads and what we might expect over the next few days whether that be a break out upward or a bounce downward.
And of course, this is not meant as financial advice and is only my opinion, but please like or comment if you agree or have any thoughts.
TEXTBOOK BEARISH PENNANT (google it) BEARISH CONTINUATION (BTC) Good afternoon traders 👍
FIRST OF ALL, how can you be bullish looking at this chart?
SECOND OF ALL, why are bulls still acting like the bottom is in?
THIRD OF ALL, bulls are still cocky and the market humbles that kind of behavior.
FINALLY, liquidate all existing bulls left who still remain "hopeful" that the bull market is still "intact"
DO YOUR OWN RESEARCH, STOP LISTENING TO PEOPLE OVER THE INTERNET YOU'VE NEVER MET OR KNOW ANYTHING ABOUT. 90% OF TRADERS/INVESTORS FAIL BECAUSE THEY ARE LAZY AND DON'T DO THE WORK THE 10% WHO ARE SUCCESSFUL DO.
STAY SAFE 👍
BTCUSD Bearish pennant or reversal pattern? MACD, RSI are goodHello, all
Here is my personal view on BTCUSD market. We are still in bearish trend and are now forming a clear continuation pattern - bearish pennant. If it works as supposed too, we can see a drop to a next strong support zone, which is around 24,000.
On the other hand if this is a symmetrical triangle, then we can touch a 42,000 resistance level.
MACD on 1D looks good. RSI on 1D looks good and shows potential bullish trend.
I personally stay out of trading until I see a clear breakout.
BEARISH PENNANT (another perspective) EXPLAINED (BTC)Good evening traders 👍
The weekly candle has now closed and it looks bearish for the week ahead in terms of what the technical say.
Stay safe and don't use high leverage.
This is my last post until July 1st, maybe sooner if a dramatic event occurs.
PI CYCLE TOP (2021 ATH) BEARISH PENNANT PATTERN (BTC)FIRST OF ALL, please do me a favor and tap that like button or even leave a comment on what you think of my technical analysis I've posted for the trading community! 👍
SEOND OF ALL, bearish pennants are continuation patterns that mark a pause in the movement of a price halfway through a strong downtrend. They occur just after a sharp drop in price and resemble a triangular flag as the price moves sideways, making gradually lower highs and higher lows.
LASTLY, stay safe and have a great weekend!
(we can nuke below $30,000 whenever whales decide to press the sell button so please be cautious this weekend and next week)
BEARISH PENNANT ($17,000-$23,000) MACRO MARKET STRUCTURE (BTC)Good afternoon Traders,
First of all please smash that like button for me! 👍
Second of all, if this bearish pennant confirms in the next week and breaks to the downside there's no real support until the previous ATH (20k)
Lastly, stay safe and don't get liquidated if bitcoin starts breaking to the downside and causes extreme panic/fear.
FINALLY, this entire market (retail) has been programmed to buy the dip the entire last year and the dump won't stop (macro) until the same crowd is programmed to sell the rip.
BTCUSD bearish pennant?Although the flag isn’t perfect nor clear, but it could be that BTC is about to dip as it shows a bearish pennant flag formation.
What do you see in the chart? Do you agree? Feel free to share your point of view.
Pennant Pattern for BTC-USDT (AGAIN !!!)Unfortunately, I have a BAD NEWS for you, BTC-USDT has formed a Pennant Pattern . You can see what happened last time and In my opinion, it will happen this time too and target is 40k. There is no sign of bullish divergence or any other bullish reversal pattern yet so it will continue falling in order to pump BTC Dominance. BTC Dominance also getting Closer to ATL (35%) and I expect (30% - 60%) correction in all Coins and Tokens(Whole Crypto Market) in the next weeks.😥😓😧
take care.
p.s. DO NOT TRADE BASED ON MY ANALYSIS AND PERSONAL OPINIONS AND LEARN TO ANALAYSE BY YOUR OWN
EURAUD | Perspective for the new week | Follow-UpAfter enjoying 200pips move on four different occasions (a total of 800pips) since my last publication ( see link below for reference purposes); we are at a juncture in the market for selling opportunity as Buyers find it difficult to penetrate and breakthrough AU$1.57000 zone in the last 3 months.
On the weekly chart; I am of the opinion that the third wave of a Bearish momentum that began mid-March 2020 is about to explode again after noticing the appearance of a converging trend line holding a consolidation phase in the last couple of months.
The successful Breakdown of Key level @ AU$1.56200 followed by multiple rejections of this zone (Supplication area) signals the possibility of Seller's turning the table for a nosedive as the value of the Aussie has a tendency to soar in the coming week(s).
Tendency: Downtrend ( Bearish )
Structure: Breakdown | Supply & Demand | Pennant
Observation: i. Bearish Pennant: a consolidation period with converging trend lines formed after a Bearish Impulse leg (Flag-pole) is expected to be followed with a breakout movement in the same direction as the initial Impulse leg.
ii. In as much as I anticipate a Breakdown of the converging trendline to the downside, the key level @ AU$1.56200 shall be a yardstick in the coming as anywhere below this level seems to be a safe haven to trigger an entry.
iii. I shall anticipate adding to my position at the Breakdown/Retest of AU$1.55000 area in the coming week(s).
iv. CAUTION: Please note that a Break above AU$1.56500 shall render this setup invalid and reverting to my previous publication (see link below) becomes necessary for a rally continuation... Trade consciously! :)
Trading plan: SELL confirmation with a minimum potential profit of 400 pips.
Risk/Reward : 1:6
Potential Duration: 7 to 15 days
NB: This speculation might be considered to make individual decisions on the lower timeframe.
Watch this space for updates as price action is been monitored.
Risk Disclaimer:
Margin trading in the foreign exchange market (including foreign exchange trading, CFDs, etc.) has a high risk and is not suitable for all investors. The content of this speculation (including all data) is organized and published by me for the sole purpose of education and assistance in making independent investment decisions. All information herein is for your reference only and I take no responsibility.
You are hereby advised to carefully consider your investment experience, financial situation, investment objective, risk tolerance level, and consult your independent financial adviser as to the suitability of your situation prior to making any investment.
I do not guarantee its accuracy and is not liable for any loss or damage which may result directly or indirectly from such content or the receipt of any instruction or notification therewith.
Past performance is not necessarily indicative of future results.
BTC Inverse H&S or Bearish Pennant?In the past few hours, Bitcoin looks to have started to break out of a bearish pennant (red dashed lines) towards the positive side out of what looks to be an inverse head and shoulders pattern on the 1-hour chart.
If the trend continues past 51-52K, there is potential for the price to head upward to 54-55K based on retracement back upward to near the 61.8% Fibonacci extension (from the recent high near 60K) as well as based on the neckline/head length of the inverse head and shoulders pattern (yellow dotted line).
However, as I stated before, the trend looks to have formed what looks to be a bearish pennant, so there is still a good possibility of a fake out such that the price could retreat back downward and continue to plummet downward toward 42-43K.
Hence it looks like the next day should give a few good indications as to whether the price will continue BTC's demise or if a slight reprieve might be in order at least for a few days before any further paths downward.
Although there are some good divergence indicators to the positive side on the daily chart, from what I can tell it is likely too early to tell which direction the trend will head.
As always however, this is not meant as financial advice and is solely my opinion which could easily be wrong particularly during the tumultuous trends from the past few days. But please like or leave a comment if you agree or see anything differently.
BTC 36K on the way if...Long story short:
If 48.8k doesn't hold and if bearish pennant resistance is broken, then target is the lenght of the pole > 36K
BTC follows exctly the same price action as in 2013.
I won't look to short, I'd wait for the bounce and look for a nice entry point for a legendary trade.
Watch my "bigger picture" video linked.
$RBLX Perfect Bear PennantI am already short this from EOD yesterday, but right now also looks like a pretty decent short entry as well. Picture perfect bear pennant on the hourly !
Bear pennant or Adam & Eve (double bottom) ?I saw someone pointing out a bullish scenario and i drew it out.
So the bear case; Bear pennant, Death cross and broken trendline.
Bull case; Bitcoins gonna bitcoin.
BTC USD 4H. Bearish Pennant..Small 'Bart Simpson' Incoming? Line chart of BTC. Here we have a nice example of a bearish pennant. But, these do break to the upside as well. I think this one will! Partly because BTC.D (Dominace) is about to touch strong support. A little 'Bart Simpson' pattern may emerge to climb above the 180 EMA to around $60500 USD. But, this is where we may see a rejection as price at this level will be retesting the bigger of the two ascending channels lower trend line! If we get over that then then I would imagine a challenge of the ATH a distinct possibility.
Short? It needs to be addressed. Although I am long, the short possibilities need to be recognized. The bottom trend line of the bearish pennant is in red. I will be paying particular attention to any break of this pennants support. The second area of defense I am particularly interested in is Trend Line A. I would rather not see that get broken. This will definitely invalidate my long idea!
Two ascending channels shown. From the steeper one we have moved into a more shallow one. We could be gently rounding off if we carry on losing momentum.
