Bearish Pennant
Uber - Potential bearish pennantPennant are generally continuation Pattern. Sometimes, very rarely they work as inversion pattern
The trading idea can be to sell at the current level and get out as per below two options:
Option A - Bearish up to level 25.00
Option B - Bearish up to level 24.00
Wynn Daily - Short - Medium Term Bearish Although a rather simple setup, I find this appealing nonetheless. Here are some key takeaways going into tomorrow's open.
- We appear to be forming a bear pennant. Note the two wicks to the upside that ended in the Daily candle closing down. It appears that Shorts are prominent along this upper resistance. The volume also appears to be in confluence with the selloff as well.
- We do have a minor Support level around $52 that goes back to 2008 - 2009 and 2015. We also have additional Support at approximately $42 from 2008 - 2009.
- The RSI is forming a Hidden Bearish Divergence. Look for the RSI to top off here and begin to trend downwards.
- I expect price action to somewhat resemble the squiggly lines I have drawn out. I expect a test towards the bottom of our bear pennant between $54 - $56. From there, I see two scenarios playing out. The first would result in a bounce back to the upper end of the bear pennant, but I would still favor a breakdown after the small bounce.The second would result in a breakdown towards my noted Support levels.
- Given that the Futures are already down and that Hospitality has been taking a beating during COVID-19. I hold a bearish stance on $WYNN overall.
- This idea IS INVALID if price were to break above the bear pennant and hold it upon a retest.
Peter GriffinBTCUSD /// Recently broke out of the larger scale wedge we had been in since our dump to 3.8k. Now as we have got out of that, it looks as thought we are forming a bearish pennant. Shorted the top of that second confirmation. :)))
BTCUSD keeps getting rejected at the 50day EMAHi guys,
We keep getting rejected at the 50-day EMA and today the fourth consecutive failure there resulted in a heavy drop back to PHASE 1 or the $6,900-$7,000 zone on our chart, which was also the horizontal S/R of the ascending triangle on the daily chart.
The mid-week session on Wednesday was seen as a continuation of the bull trend after the profit-taking activities that caused the drop in the previous session, but then on Thursday the decreasing volumes did not support the upward movement and we witnessed a weak effort from bulls to keep up with the momentum.
I'm looking at the $6,900 line to provide support here, but in the meantime, we are slowly going out of our customized buy zone on the RSI index and volumes are once again back to the good gold $32-$34 billion mark. Things are not looking good.
On the 1h chart, we got crashed at the bull pennant, which obviously did not result in a bull breakout, but rather caused a drop below all major EMAs and the uptrend line.
Bearish pennantI have spotted a bearish pennant on (EUR/GBP H1) I had previously seen a symmetrical triangle on this pair on the (H4) time frame, we should see a nice short position I will look for entry a few pips below. If you like my idea please feel free to like, comment, & share.
Bearish pennant I have spotted a bearish pennant forming on (USD/CHF H1) I had previously found a falling wedge on this pair on the (H4) time frame but I believe we will see a nice short position I will look for entry a few pips below the squeeze. If you like my idea please feel free to like, comment, & share.
Oil Brent chart on descending triangle pattern Usually when a bearish triangle pattern forms, a negative trend begins at the end of the triangle, the price return may take some time in the medium term.
ETHUSD SHORT - as BTC weakness continues so does the ALT leaderWhat is up everyone,
Clean bearish pennant developing on ETH as well as a variety of other altcoin setups.
Publishing this one as I think it could get the most visibility.
Major bearish pattern performed to target and I think we will see more downside here.
Pain for holders continues likely.
Take care,
Vlad The Crypto Trader
RSI Bearish PennantAfter a bearish pennant formed just a few weeks ago, another has appeared to form as well. Trendlines aren’t the strongest but that’s mostly due to my lack of experience. Last few days it’s had some very long upper shadows on candles. The stock has also dropped after earnings on the last 2 reports and will post earnings after the trading bell today (feb 10). This scenario suggests that a short would be a favourable trade here.
Weekly chart Yellow ascending triangle vs. red bear pennant: Hard to tell which one of these 2 current patterns is the more dominant chart pattern here but if the inverse h&s ends up triggering on the 1 day chart then the yellow ascending triangle here on the weekly will likely end up being the one that gets validated.
BTCUSD - Bearish Pennant – Bear Break? Key Levels Hello traders!
Today’s chart update will be on BTCUSD where it has formed a bearish pennant which is a continuation pattern.
Will Bitcoin break bearish?
Points to consider,
- Clear bears in control
- Price testing support zone
- Local resistance provided by EMA’s
- Stochastics projected downwards
- RSI testing support
- Volume declining
Bitcoin is heading to its apex where a break is imminent; price is currently testing a key support zone that needs to hold. This support zone is in confluence with the support line of the bearish pennant. Local resistance is being provided by the EMA's giving the bears an edge as price tests support. Resistance looks strong as we are in an established bear trend.
The stochastics is trading in the upper region, can stay here for an extended period of time, however lots of stored momentum to the downside. The RSI is currently testing its support level; a break will send it closer to oversold conditions.
Volume is clearly declining as price comes closer to its apex; we need an influx of volume which will confirm a break.
Overall, in my opinion, a break will come to fruition shortly with an influx of volume. We are in a bearish trend with a bear pennant which serves as a continuation pattern. Bitcoin is more likely to test lower levels.
What are your thoughts?
Please leave a like and comment,
And Remember,
“Accepting losses is the most important single investment device to insure safety of capital.” – Gerald M. Loeb
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BTC USDT, Probably Bearish PennantIt seems that enthusiasm due to the recent decline in historical media is rapidly coming to a halt. The most attentive has not responded to the purchase around 7k USD. I believe that this triangle can predict the new Bearish towards lower supports confirming last week's bearish trend.
A difficult time to venture forecasts, but we'll see.
For me, it's a 70% Bearish.
Bearish PennantIt started with a price decrease to a symmetric triangle and its likely to go bearish
Bear Pennant, Hidden Bearish DivergenceI don't post often, only to point out stuff that sticks out as obvious to me. Red line indicates hidden bearish divergence with higher highs on MACD and lower highs on price. Chart pattern is currently forming a Bear pennant with a target of 148. I've sold and set my buys accordingly.
While there seems to be some drama regarding Parity, as far as I can tell, Ethereum is set for smooth sailing ahead with Phase 0. With that said, Ethereum could still be following Bitcoin's movement as per usual, or the greater economic uncertainty in general. While I'm short short-term, long-term I'm long and am building my stack. With that said, if I read this wrong, I'm still in the green and can look for the next setup.
As always, this is for educational purposes only. I may be awesome, but I'm not a professional and nor is this professional advice.
BTC Log 08/22/2019Whats visible to me...
- Closest Resistance about 10200. Next Resistance at 10500
-Closest Support about 9700-9500 or 9100
-Bearish Pennant (Continuation Pattern). Or it could be a larger pattern currently developing.. which would give me the idea that its possible it stops at one of the green arrows and reverses shortly after. More PA is needed to evaluate.
- Failed Breakout
Planning my trade..
- Short term trade.
- Enter at confirmation of a breakout of the pattern.
- Plan for bullish and bearish scenario.
BTC Crypto Market Cap Dominance - Decline in sightBTC dominance appears to be within a Bearish Pennant...
This is my current count here...
Also within a Rising Wedge...
5Day Bearish Divergence with Declining Volume at the top of the trend line...
I expect BTC to decline in dominance within the Crypto Market cap within weeks if not days.
$WKHS Bearish pennant set up and new lower target :($WKHS did not finish development of descending triangle pattern. In my view for the long term that would be a much better scenario. In that case, we would bounce really good of lower price and have an awesome rally. However, the price moved sideways forming bearish pennant and my outlook for $WKHS changed. I still would look for entry but at a lower level then I thought before and if we will follow this path, future development does not look as attractive as before.
Of course, there is always the possibility to breakout to the upside on any positive news but I would limit chances of that to about 25%. Stock still packed with scared money and before any significant move up we need to clear them out.
Moving average support more bearish idea. 9MA is about to cross 50MA. Price reached upper trendline of bearish pennant and 21MA and that is a very serious resistance that will be hard to breach without news.
Bearish Pennant on XPD/USD (Palladium) @ D1This bearish pennant formed on the XPD/USD @ D1 offers a bearish breakout opportunity. The pennant and its pole are marked with the yellow lines. My potential entry level is the cyan line. My potential take-profit level is the green line. The stop-loss level is already marked on the chart.
XRPUSD Impending Death Cross. What to expect:We can see here on h 1 day chart that the 1 day deathcross is imminent and will likely occur tomorrow or the day after at the latest. While at this point it does look like the initial cross will happen, My gut feeling based on fundamental developments and adoption in xrp, is that even if this initial cross does occur it will be short lived and proven a deathcross fakeout which will be reversed shortly there after back into a golden cross. Let's recall hat the beginning of the 2015 bull market for bitcoin began in a similar fashion where we got the 1st shortlived golden cross that then briefly went back into a deathcross before having it's real sustainable golden cross shortly later. I anticipate thee same kind of behavior this time around for xrp...however initially once this fake deathcross occurs price action could follow with it and we could see our current bearish descending triangle trigger a final capitulation breakdown and that triangle has a measured move down exactly to our super strong bottom support at 24.5 cents which is a good confluence point to skyrocket right back up at...however if the next breakdown that occurs is treating the current pattern more as a bearish pennant than a descending triangle then we could see a capitulation candle reach as low as 19-20 cents before the skyrocket back up. Lastly we could instead of a breakdown see an inverted bart pattern play out here in which case if it has a bullish enough impulse it's still possible we may avoid a deathcross altogether and instead see both moving averages bounce up off eachother. For something like that to occur at this point would require a green candle and bullish volume bar much larger than any we have seen for a long long time. All these things considered I think my wisest move here is going to be just wait for the break and if we dip down buy the dip at 28, 24.5, and again at 19-20 cens if we manage to make it that low. If worst case scenario price were to go under 16 cents at that point I may have to consider that the deathcross may not be a fakeout after all but that seems highly highly unlikely and low probability.
BTC continues showing bearish favor this weekA bearish pennant pattern appears on the BTCUSD chart, indicating that the pump and dump schemes in the recent days will end up with a flash crash to $8500 area, as mentioned in the last analysis.
Besides, BTC faces strong resistance of MA50 on the H4 timeframe (around $9800), there was a small chance of BTC to break this resistance on the first try. A decline of that resistance can push BTC back to $9100 area, and if that support can't hold, BTC will dump more.
The ideal short/sell zone is around $9800, with a stop-loss to be put at $10200. Targets for this trade are $9400, $9100, $8800, $8500.
Supports and resistance of BTC are posted in the last analysis below.
xrpusd deathcross looming? I anticipate a fakeoutimpending deathcross on xrp. while also in a 1 day bear pennant that has a target of 20 cents...i anticipate this deathcross will be a fakeout and we may see a inverted bart here instead of a bear pennant....however there's also a chance it could break down and the 50ma could briefly cross under the 200ma but if so in that case it would just be capitulation and price would rocket back up bringing a golden cross with it to signal a deathcross fakeout if capitulation happens i don't see it dropping the whole target of the bearflag I have a feeling the 28.5 or the 24.5 horizontal trendline would probably catch it before then...still worth being prepared to buy any kind of dip like that though should it occur.:
ETH shows bearish this week, its price will soon below $200Although having a small jump to $212, ETH still can not break the MA50 resistance on the H4 chart. In a downtrend market, we can't be optimistic with just a few dollars pumping like this.
In a bigger picture, ETH runs to the end of the bearish pennant pattern, it will break down this pattern by ~$60 to $160 area. ETH will follow BTC move in the next days.
A short order for ETH is recommended this time.
