Commandeur

BTCEUR (GDAX): pennant on 4 hour chart

COINBASE:BTCEUR   Bitcoin / Euro
The two purple lines form a pennant-pattern

If breakout to the below follows, the price target would be roughly EUR 6350
How did you determine level 6350? I think it's too much low. I guess some support around 11050
Balas
@dzuro, calculate difference between the all-time-high and the lowest point of the lower purple line (roughly EUR 10700).
Difference = 6239

Subtract this difference from the point where price breaks the lower purple line @ EUR 12697

--> 12697-6239=6458
so not exactly EUR 6350, but around that level.

Google "pennant" for more background info.
Balas
@dzuro, I agree with you in the sense that support will be around 10K-11K.

However, this is roughly the price target of the pennant-breakout
Balas
EUR 6350 seems to much of a stretch. More likely to flatten out at 10k imho.
+1 Balas
@sjeupie, I agree with you: strong support around 10K-11K.
However, the price I mentioned is roughly the price target of the pennant-breakout.
Balas
Nice drawing
Balas
Commandeur PRO michelvanmil
@michelvanmil, Thanks!
Balas
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