CME Bitcoin Futures Breakout! 28,000 Next?
From May12 - June 12, CME Bitcoin Futures saw a support level of ~28,000, which was broken on June 12 with a GAP lower.
We have recently seen a CONSOLODATION PENNANT, formed with higher lows, and lower highs!
Higher lows: ~18,500 June 30, ~18,830 July 13, ~20,700 July 26. The UPTREND line is drawn from ~18,830 to~20,700.
Lower highs: ~24,300 July20, ~23350 July 22, ~23,000 July 27. The DOWNTREND line is drawn from all 3.
The BREAKOUT occurred once the CME Bitcoin Futures broke through ~23,000!
How to measure upside potential after a BREAKOUT of a PENNANT:
Calculate the distance from the widest point, and add to the BREAKOUT point. This would give us ~28,800.
Why is ~28,800 significant? THIS WOULD FILL THE GAP MADE ON JUNE 12! GAPS tend to be filled before a market makes a pivot!
Takeaways:
Previous SUPPORT of ~28,000 is now new RESISTANCE. This is going to be a difficult level to chew through!
Possible STOP levels for longs:
~21,500 (continuation of UPTREND line of PENNANT.
~Uptrend will be violated if ~20,700 is broken with conviction. This would now be a lower low, which is the definition of a DOWNTREND.
FEEL FREE TO REACH OUT WITH ANY TECHNICAL ANALSYS OR FUTURES QUESTIONS!
WE APPRECIATE OUR FOLLOWERS! LIKE/COMMENT/FOLLOW! ❤️
We have recently seen a CONSOLODATION PENNANT, formed with higher lows, and lower highs!
Higher lows: ~18,500 June 30, ~18,830 July 13, ~20,700 July 26. The UPTREND line is drawn from ~18,830 to~20,700.
Lower highs: ~24,300 July20, ~23350 July 22, ~23,000 July 27. The DOWNTREND line is drawn from all 3.
The BREAKOUT occurred once the CME Bitcoin Futures broke through ~23,000!
How to measure upside potential after a BREAKOUT of a PENNANT:
Calculate the distance from the widest point, and add to the BREAKOUT point. This would give us ~28,800.
Why is ~28,800 significant? THIS WOULD FILL THE GAP MADE ON JUNE 12! GAPS tend to be filled before a market makes a pivot!
Takeaways:
Previous SUPPORT of ~28,000 is now new RESISTANCE. This is going to be a difficult level to chew through!
Possible STOP levels for longs:
~21,500 (continuation of UPTREND line of PENNANT.
~Uptrend will be violated if ~20,700 is broken with conviction. This would now be a lower low, which is the definition of a DOWNTREND.
FEEL FREE TO REACH OUT WITH ANY TECHNICAL ANALSYS OR FUTURES QUESTIONS!
WE APPRECIATE OUR FOLLOWERS! LIKE/COMMENT/FOLLOW! ❤️
Dagangan aktif
Currently still above the Up Trendline described above. Hang tight!Dagangan aktif
Reaching Trendline Support
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.