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Bullish Pennant

Huge pump or what? What's going on with BITCOIN (BTC)So, it looks like the big pump we had that was caused by a short squeeze and strong resistance levels is seeing some resistance here. Many traders are calling for levels as high as 4500, 5100, and even 6k. It appeared to me before that we had a bull flag with a big bear trap, but then this even bigger BULL trap came along and I'm left not knowing what to think. If you are wondering what my overall view is on Bitcoin, you can read my previous analysis. But the main point to consider is that no matter how fast we can retrace in this move up, if we are below 6k then the overall trend is bearish because there will be no higher high. The other fundamental factor that could halt this run is how strong alts are looking, so more money may be going directly into them, rather than into Bitcoin. Especially considering how increasingly easy it is to buy alts directly from fiat with all these new coins being added to coinbase and the recent introduction of USDC on Binance. I have two main scenarios here: Bullish or bearish: The bullish scenario is we are in fact painting a bigger bullish pennant with that "bull trap" region and this was part of the plan all along. The bearish scenario is we make a bigger ABC correction down after the move up, and the higher targets will no longer be in play. Hope you enjoyed this quick analysis! Please consider following/ leaving a like and happy Christmas! -Etch Previous analysis:
BITMEX:XBT
by Etch1234
xrp bull pennant1000 shares long .53947 cost $540.65 with fee this has not confirmed its breakout just scaling into the position for confirmation im looking for a volume spike as well as a close above the trend line because of this still small in size and only risking less than $20 its very tight here so wanted to start building a position because I know these things can move quicker than you can click a mouse and I do not like chasing Im in a short on eth and although xrp and eth aren't directly correlated, the market usually moves in unison especially lately with a few coins going against the trend from time to time so dont like going long on one and short on the other
KRAKEN:XRPUSDLong
by Playj
Bitcoin Cash | Potential Bullpennant Breakout Coming Up [BCHUSD]Bitcoin Cash is forming a bullpennant on the lower timeframes and looks like it's getting ready for a breakout. If prior resistance around the red box breaks ( ~0.09 Sats, $600 USD), I wouldn't be surprised to see continuation of the little bull run up to $1000, leading up to the hardfork on November 15. This move would be supported by the double bottom and fueled by FOMO. Prior to the hardfork, I'd say get the hell out because the RSI on the Daily is already starting to get overbought.
BLong
by REKTCryptoTrader
New beginners view of BULLISH pennant forming on XAUUSDMy updated view on XAUUSD until US GDP this friday. My personal entry point is on the stop hunt that I've indicated on the chart, I will be looking at indicators and volume to confirm my long during the time frame of the grey stop hunt box I've placed. If this chart helped at all, leave a like. I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA. DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA. Good luck to everyone!
FOREXCOM:XAUUSDLong
by pjgonzales
Potential BULLISH PENNANT formation on XAUUSD I am still very bullish on gold since USD was really strong last week and gold was barely affected. DXY also seems to be doing a double top soon on the H1-H4 time frame which could fuel a stronger bullish momentum for gold this week. My personal entry point is on the stop hunt that I've shown on the chart. If this chart helped at all, leave a like. I would love any feedback/advice about my chart to correct any of my mistakes and learn more about TA. DISCLAIMER: Not a financial advisor, I don't suggest using my ideas for your own as I am a complete amateur for TA. Good luck to everyone!
FOREXCOM:XAUUSDLong
by pjgonzales
Bitcoin: We're gonna ri-ri-ri-ri-rise til we fall!Bitcoin is in a bullish pennant and we have RSI hidden bullish divergence on the 4 hour chart. BTC has found support at $6560 (0.618 fib) and we will probably have some sideways action until we have a breakout to the upside within the next day. Volume has been dropping steadily so expecting capitulation once we get closer to our pennant support. The break out should coincide with a break above the Daily MA50 and the break above the pennant resistance should take BTCUSD above the Daily MA100 at around $6750. We can expect strong buying pressure once we break through the blue trend line which connects the peaks on 24 July, 4 September and 28 September. Price should then carry enough momentum to break the heavy $6800 resistance and should then reach $7026 at 1.272 fib with an extension to $7127 at 1.414 fib. $7127 also coincides with the large yellow trend line resistance which connects the peaks at 05 May and 24 July. A close above this yellow trend line above $7272 at 1.618 fib should spark a short term rally, however this will be a strong level of resistance given its fib positioning and price could turn from there for a retest of $6800 support. This yellow trend line also serves as resistance for the large bearish descending triangle playing out on the weekly chart. Remember the bear market is not over until BTC is over the daily MA200 so take caution when everyone starts piling in to the 4th quarter ''bull run". Good luck and happy trading! Previous analysis:
Long
by Corn_Reaper
Ripple | Round Two Coming Up? Potential Breakout [XRPBTC]Like I mentioned in my earlier analysis, it seemed like the RSI needed to cool off a little before Ripple could make another move. We had two days of consolidation now and created a nice bull pennant, which often results in continuation to the upside. A Long trade would have a pretty good Risk/Reward ratio right now. First target could be the next resistance level around 55000 Satoshis (8% gain), second one around 61500 Satoshis (20% gain). A Stop could be right under the pennant. Have a nice day!
Long
by REKTCryptoTrader
6
Bitcoin | Consolidation [Bull Pennant / Bear Flag]Bitcoin is further consolidating in a tight range today. The immediate pattern it draws is a bull pennant, but the entire structure can also be seen as a another bear flag. A daily close above the bull pennant structure would be considered bullish, a daily close below 6.4k would be considered bearish. The red rectangles are areas of major resistance. I assume that the prices wouldn't break above these levels without further consolidation. Same thing goes for the support levels around 6.2k. The entire 6k area has held throughout the whole year, and I don't think that it'll break today. The only thing that the RSI reveals is that it's a no trade zone for me. The weekly SRSI just crossed under, so my gutfeeling is slightly bearish.
BITFINEX:BTCUSD
by REKTCryptoTrader
LULU Bullish Flag formation near completion.LULULEMON is currently in the controlled profit taking stage of the flag for the current bull flag formation. The previous advance since an earnings surprise is used as the length of the flagpole and also the measuring objective of the next advance. If we see some significant volume on the breakout then we could be set up for some nice quick profit. If volume diverges from an increase or does not increase at all this is Bearish and therefore no entry should be taken. Could see some more controlled profit taking before an advance, watch for volume.
NASDAQ:LULULong
by edwinguy99
EURUSD BUY As we can all see, this a bullish pennant potentially forming. Price is currently at a very strong Support Line, so we'll be looking for bulls to be taking charge very soon. You can drop down to the 1H/2H or even the 4H for a strong Confirmation to be buying (INTRADAY TRADES). However, if you're like me.... You'll also enter at the break and retouch of the bearish trendline for this will be a very high probability trade. As nothing is promised. If price does decide to break bullish . We'll be looking for a retest and looking to be selling. However as price is still over the 20EMA on the monthly timeframe I'll be expecting a bullish break.
Long
by Spokentrvth
ICX possible Bullish pennant forming. ICX is forming a possible bullish pennant on the hourly charts (1-4.) RSI is turning up and has plenty of room to run, and the MACD on the 4-hour is looking like it will cross over (bullish cross over.) The Stochastic indicator is also turning up. Target 1 is along the pennant near 1350. If it is rejected here, it will most likely retest the bottom part of the pennant near 1260-1270. If 1260-1270 cannot hold, there is a shallow support at 1150-1160, but the next real support is the long-term sideways trend line around 1090. If it breaks above 1350, the next target is the prior resistance at 1450-1460. I don't expect it to immediately move a lot higher than target 2 if it breaks up. I'd like it to move slightly above 1450ish, and then test that 1450 area as a new support. Do watch Bitcoin as well. If it starts to drop then we can expect the alts to follow. If BTC starts to rise, hopefully our pattern along with Bitcoin's upward movement will give us some nice gains. -Not professional financial advice. Always do your own research before purchasing. I am not liable for any loses incurred.
by Deftsuo
BTCUSD Confluence of Support Bounce Probable??????? We have a huge confluence of support right here. We are testing the trendline from the December High. It also is right were the current upward trend from June is along with price resistance/support lines. If you look at the daily chart there is currently at a huge confluence of support and it is likely that we will see an bounce or a reversal of this downward move. When we broke out of the resistence from december we never tested it as support therefore the price needed to come down and test that same trendline that was resistance for so long. So there is a high probability of a bounce. I hope we reverse on this bounce and continue up. I am not sure which way we will go, but if we go down below 6k I believe we will follow this trendline from the December high down. This trendline is the thin orange line that is extending from the green pennant trendline from december high. I am not saying this will happen but if it does I am putting a target between 2.9K and 4K. But until we break below are current trendline I am expecting a bounce in the short-term which could be wave 2 or 4 of an upward impulse meaning the move can't be over. Others think this is a correction from the downward, but with this impulse reaching 8400 it should have invalidated most of those bearish counts. So whats next move????? There is one other count where we just move sideway with lower highs
BITFINEX:BTCUSD
by bdfulker2
BTCUSD Bulll pennant???? Btc has been in a long term bull run as you can see in the chart. It has formed what appears to be a bull pennant. The question is where does the flag pole begin??? My chart also indicates if we turn bearish from here where I think the lowest plausable target would be and has all the supports list between where we are and the low. I am not saying thats what going to happen but I still have thought about the possibilities. Happy trading and don't use my chart for trading this is my opinion and not to be used as trading advice. Do so at your own risk
BITFINEX:BTCUSD
by bdfulker2