Bitcoin Bear Pennant - Classic Pattern
Hi all! I'm Fomo Sapien, a 13 year old aspiring swing trader who has been studying for just over one year. Today, I'm going to share my thoughts on the bitcoin chart.
Bitcoin is close to a breakout of this bear pennant (learn more about pennants: investopedia.com/terms/p/pennant.asp), which is a classic continuation pattern. I'm not publishing this idea as a long or short strategy, because I am not taking a trade now, but there are two ways to play this pennant. Let's start with the bull strategy:
Bull break of pennant, long at break above $30600 area, stoploss $30200.
The bear:
Bear break of pennant, short at break of $28600, stoploss close by, maybe $29000.
Another thing to note is the measured move of the pennant, which would take Bitcoin down to ~$24500 area. This is not a prediction but a worthy observation!
Hope you enjoyed the Idea, please feel free to disagree or share some wisdom for me in the comments!
Bitcoin is close to a breakout of this bear pennant (learn more about pennants: investopedia.com/terms/p/pennant.asp), which is a classic continuation pattern. I'm not publishing this idea as a long or short strategy, because I am not taking a trade now, but there are two ways to play this pennant. Let's start with the bull strategy:
Bull break of pennant, long at break above $30600 area, stoploss $30200.
The bear:
Bear break of pennant, short at break of $28600, stoploss close by, maybe $29000.
Another thing to note is the measured move of the pennant, which would take Bitcoin down to ~$24500 area. This is not a prediction but a worthy observation!
Hope you enjoyed the Idea, please feel free to disagree or share some wisdom for me in the comments!
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