Trade Alert for Bitcoin/USD Pair
There seems to be an upcoming price breakout on this pair. A pennant has formed and will force the market to make a decision on direction. With demand for cryptos at an all time high, I would be banking on a price move upwards out of this pennant vs. it going down.
** This is a huge buy signal in my opinion, and my opinion only. **
What is a Pennant?
The pennant forms what looks like a symmetrical triangle, where the support and resistance trendlines converge towards one another. The pennant pattern does not need to follow the same rules found in triangles, where they should test each support or resistance line several times. Direction is also not important as t is not as important as it is in the flag; however, the pennant is generally flat.
Opinions/Thoughts
- Are you currently long in Bitcoin? If so, what are you price targets?
- Do you think Bitcoin will breakout to the upside or downside from this pennant?