BTCEUR (GDAX): pennant on 4 hour chart

Bitcoin / EuroCoinbase

Huraian

⋅ 29 Dis 2017 pukul 12.19

The two purple lines form a pennant-pattern

If breakout to the below follows, the price target would be roughly EUR 6350

Komen

sjeupie

⋅ 30 Dis 2017 pukul 13.12

EUR 6350 seems to much of a stretch. More likely to flatten out at 10k imho.

Commandeur

⋅ 6 Jan 2018 pukul 20.54

@sjeupie, I agree with you: strong support around 10K-11K.
However, the price I mentioned is roughly the price target of the pennant-breakout.

dzuro

⋅ 30 Dis 2017 pukul 14.07

How did you determine level 6350? I think it's too much low. I guess some support around 11050

Commandeur

⋅ 6 Jan 2018 pukul 20.51

@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.

Commandeur

⋅ 6 Jan 2018 pukul 20.55

@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

michelvanmil

⋅ 29 Dis 2017 pukul 12.42

Nice drawing

Commandeur

⋅ 29 Dis 2017 pukul 12.48

@michelvanmil, Thanks!

Lebih