An update to my previous post...
Adjusting the support line slightly (the added blue line) the chart can be seen as already having broken out of a pennant.
After the initial breakdown, it retested the support as resistance and failed. It then dropped 1.80% within the hour.
In hindsight, it seems like a textbook pennant. In my previous post where I had a larger pennant (yellow line), I don't think it was based on enough data points (only 2 for the support). Whereas the green line has 3 points of contact.
Of course, it should not be ignored that BTC is currently still in the larger pennant that I originally drew. The brief breakdown seen in the chart may be seen as a fakeout in the future before we pump and reach targets around 42k.
Else there is still the possibility of breaking down to 38k. And the fakeout was simply bought up with some buying pressure before the real drop comes.
I guess time will tell which way it will go...
Let me know what you think below :)
Adjusting the support line slightly (the added blue line) the chart can be seen as already having broken out of a pennant.
After the initial breakdown, it retested the support as resistance and failed. It then dropped 1.80% within the hour.
In hindsight, it seems like a textbook pennant. In my previous post where I had a larger pennant (yellow line), I don't think it was based on enough data points (only 2 for the support). Whereas the green line has 3 points of contact.
Of course, it should not be ignored that BTC is currently still in the larger pennant that I originally drew. The brief breakdown seen in the chart may be seen as a fakeout in the future before we pump and reach targets around 42k.
Else there is still the possibility of breaking down to 38k. And the fakeout was simply bought up with some buying pressure before the real drop comes.
I guess time will tell which way it will go...
Let me know what you think below :)
