#BTC break down this bearish pennant pattern!

21 Nov 2022

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BTC break down this bearish pennant pattern

What is a bearish pennant?

A bearish pennant is a technical trading pattern that indicates the impending continuation of a downward price move. They’re essentially the opposite of bullish pennants: instead of consolidating after a move up, the market pauses on a significant move down.

When technical traders spot a bearish flag pennant, they take it as a sign that the downward price move is going to continue once the market breaks below its support line. Like their counterpart, bearish pennants can occur over any time frame.

Currently retesting it. According to this pattern, we can drop 27% from here.

Bulls need to invalidate the pattern

Stay tuned. I will keep updating.


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21 Nov 2022

Nota

BTC is not looking good in a shorter time frame, but in the weekly timeframe, it looks good.

BTC Bulls lost the 18k Crucial Support but Still Moving inside the Falling Wedge in the Weekly timeframe.

RSI is Printing Bullish Divergence as well.

In Case of a Bounce Back from here, Bitcoin Might test the 22,800 Resistance in Late December.

21 Nov 2022

Nota

In this 2hours time frame, BTC is still in place in this descending triangle pattern. In my opinion, we will see more sideways move.

We need a Breakout or breakdown to confirm the next move.

We have 15,700 as a support

22 Nov 2022

Nota

#BTC UPDATE

BTC took a sharp correction after a successful breakdown of the symmetrical triangle. Currently, it is holding above the horizontal support, which is the main level for bulls to defend to regain bullish momentum.

If BTC breakdown the horizontal support with a retest below it, then a downward move is expected toward the strong support zone of 14K-$12.5K and that could be the end of the corrective waves.

Stay tuned I will keep updating.