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Bearish Pennant

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.
BITSTAMP:BTCUSDShort
by Batrachotoxin
4
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.:
BITFINEX:XRPUSD
by DrDovetail
1
Bitcoin - #bearishpennant #pivot #supportEven though Bitcoin is forming a for now bearish pennant on a 30min timeframe, this does not necessarily have to break down due to the fact we have the Pivot support and a strong trendline support. Going from here anything lower is considered very bearish mid-term and we could see as low as 4k (this would not invalidate the bullish reversal). There is also the possibility as we have seen before, we experience a rather unexpected bart pattern, which is not quite unusual with former parabolic runs and an underlying fomo-mentality.
BITMEX:BTCUSD.P
by Gl4diator
GBPUSD - bearish pennant A bearish pennant has seemed to form after a significant bearish move, this could be a sign of more to come. Looking at the chart now it looks like the price has entered a period of consolidation and would continue to move further down over the next day or two. The RSI has moved into a position to allow further bearish moves without being oversold. The price could move up, which is very unlikely, this would be possible if the price is able to break out the top of the pennant.
Short
by JohnnyPurtoy98
BTC: Possible Bearish Continuation PatternBasic Trading 101 - 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. - The downtrend then continues with another fall in price. BTC seems to be forming a bearish pennant. If Bitcoin breaks upwards from this pennant, we could expect the price to retest the 200 Exponential Moving Average. If not, it could drop down the the blue area of the chart. Looking at the 1 hour time-frame, we can see a bearish divergence on the RSI, indicating the possibility of a price drop to the lower line of the pennant, which would further indicate the validity of a Bearish Pennant.
COINBASE:BTCUSD
by MRudy
2
BTCUSD HUGE BEAR PENNANT BTCUSD is situated into this bearish pennant from 26 november 2018 until today and it most likely in late this month or february we will have a huge,massive and fast breakdown untill 1800-1900$. What is important to understand,i m not a permabear or permabull but this chart is extremly bearish Beriash pennant is a continuation pattern and NOT a reversal pattern which means the price will likely to drop once again. Firstly,we dropped 51%,from november until today we are into a consolidation zone and soon we will continue to drop till this targets Macd slowly want to go into the green zone but probably only these two line will touch each other and after will made a bearcross.Why? If will cross up we will going up hard which means REVERSAL but: -We have a strong MA weekly resistance at 3758 and after at 4327 -Bearish pennant is a continuation pattern so we will drop -RSI is above 30 so we have more room to drop -MA bearcross in februrary at monthly timeframe(at the moment each MA at monthly is act as resistances so don t WAIT FOR 5K BECAUSE WE WILL NOT GOING TO 5K AT THE MOMENT -MACD at monthly timeframe is too high,we need more correction untill we reach -0- neutral zone -We can go till 43xx maximum but after we will going down(or will going up higher sub form of a peak and candle will close below resistance of bear penannt -ETF Vaneckx will be rejected -Bakkt will be delayed No..i m not a permabear but we need MORE CORRECTION.After MA cross at 1 monthly timeframe i WILL BUY ALTCOINS Hit Like/Follow if you want more charts/ educative materials!
COINBASE:BTCUSDShort
by CryptoC77
15
Bearish and more bearishGood day Traders The market has chosen a direction and unfortunately I've almost lost all hope of seeing $5k happen in January, not with Chinese new year approaching and especially not after that huge break to the downside of what is most probably a very large bearish pennant. It doesn't look pretty. It looks like we might have actually broken that bearish pennant support back on 31 December and the big drop which happened yesterday actually broke down after a retest of that pennant support as resistance. There is also a potential H&S currently playing out with the right shoulder currently being printed. We're holding the $3600 support on Bitstamp which is good to see. I think we'll have at least a 38.2 - 50 fib retracement from here ($3735 - $3807) where we will again meet our daily SMA50 resistance as well as major trend line resistance from our ATH ($19666) so more than likely we drop from there to print the rest of the shoulder before testing our H&S neckline somewhere around $3440 and then breaking down with a roughly $571 drop for our first target (based on the height of the neckline from the head) to around $2870. From there #bitcoin should have a 38.2 fib retracement to around $3175 before resuming the downtrend towards our final pennant target with a target buy area between $2490 and $2640. $2640 is a 138.2 fib extension of our wave down from the 18 Nov swing high ($5558) to our 25 Nov swing low ($3474). We had a 38.2 fib retracement from that low so looking to reach at least between $2640 and our pennant target is around $2500. Based on the height of the large pennant , I'm looking for a $1287 drop from around $3782 where we broke pennant support so a pennant target of $2495 for #btcusd. It seems the major trend line resistance from our ATH , which has already held strong where we started to drop yesterday, might potentially be forming a large falling wedge with our trend line support connecting our November and December lows so the $2500 area might just be a short term bottom. I don't see capitulation happening just yet but only time will tell whether that support holds. TP 1: $2870 TP 2: $2500 Stop: $3880 (above trend line resistance and 1D SMA50)
BITSTAMP:BTCUSDShort
by Corn_Reaper
Bitcoin still on track for $2630!Happy new year Traders! First chart for 2019 and back in the saddle after time away (and not too much has been missed it seems). My trade from my previous post is still active and I'm still waiting for a retracement to our $2630/40 bottom target. Bitcoin has now broken support of the large bearish pennant which has been holding since our annual low in mid December. On the lower time frames we also have another bearish pennant in play and price is sitting right at our 1D SMA50 resistance (SMA300 on 4H) which is holding strong. This SMA50 resistance along with declining volume and 2 bearish pennants , indicates that the most likely path is to the downside, which will invalidate that inverse H&S which everyone has been waiting for. Price action is also looking bearish on the daily and weekly charts. My initial target for the larger pennant is about the height of the pennant which works out to at least a 29.2% drop from the pennant support. Also, if you look at our drop from $5658 to our channel support $3473, you will see that we had a 38.2 fib retracement on the following wave up to channel resistance which gives us a 138.2 Fibonacci extension target of $2640, which also coincides with a 138.2 fib extension ($2630) from the height of the larger pennant on the next wave down from $4409. Looking at our 1D SMA200 (4H SMA1200) resistance, it looks like this might potentially be a large parallel channel with resistance from the swing high on 15 October, and which had a retest of its support on 15 December after an initial test on 7 December. If this is the case, then I suspect we will potentially find the $2630/40 support sometime at the end of Jan in the form of a v-shaped swing low, or in the first week of Feb before potentially attempting another test of the 1D SMA50 again. Good luck and happy trading! Previous chart:
BITSTAMP:BTCUSDShort
by Corn_Reaper
1
Bearflag and Bearish pennantA Bear Flag is a price action within the context of a downtrend that produces an orderly price increase consisting of a narrow trend range comprised of higher swing/pivot highs and higher swing/pivot lows. The success of a Bear Flag can be greater after a significant downside move due to the possible increase of overhead resistance. Bear Flags can be stronger when the swing low that begins the pattern is also an all time low due to the possible lack of underlying support. Target of bearflag is the lenght of flagpole and you need to measure this lenght for breakdown target from support line of Flag(wait till this support line will be broke and after you can entry) Bearish pennant: The initial sell-off into the pennant can be steep or gradual. The Pennant represents a pause to consolidate, retracing a small part of the initial sell-off within a tight channel. A break-down from this channel is the first hint that a bearish pennant could be in the making. Once the shares break down from the pennant, it is possible that another sell-off – the same size as the first Target of bearpennant is the same like in bearflag,measure lenght of flagpole and this lenght from pennant support line will be the target
BITSTAMP:BTCUSDEducation
by CryptoC77
1
Possible bearish pennant - expecting a pretty hard drop if it isBitcoin sitting at triangle apex. Could break either way but looks like a bearish pennant to me which could take us below our weekly SMA200 before Christmas. We have hidden bearish divergence on the 3H MFI so this could break to the downside. TP targets set by using 138.2 and 161.8 fib extensions from the pole height and height of the pole itself taken from the height of the pennant (**it's meant to be subtract from top of pennant on the chart not add). There is bullish divergence on the daily MFi and hidden bearish divergence on the weekly MFI so expecting a bounce at some point, possibly January, followed by a stronger move down (capitulation?).
BITSTAMP:BTCUSDShort
by Corn_Reaper