At the time of writing, Bitcoin was down by just 3.34% to $ 8,715.36 for. A mixed start to the day saw Bitcoin firstly rise from an early morning to a high $ 9,075.32. Elsewhere, EOS (-0.01%) and Litecoin (-1.74%) were also in the red in the early part of the day. It was a more bullish start for the rest of the majors, however, with Stellar's Limen up by 3.08% for the last 24 hours.
Bitcoin would need to move back through to $ 9,140 levels to support a bullish run at the first resistance level at $ 9,253.4. But major resistance is the high of 26th Oct. at $ 10 350.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $ 9,142.
Since the high of 26th of June, Bitcoin BTC/USD is sinking and at the end of September the pair broke below symmetrical triangle (in red) on daily chart, as supply overcame demand. Since then, the price has been consolidating within a pennant formation, particularly potent with the 200 SMA as its bottom — which, after the preceding 40% surge over the two day period from Oct. 25 to 26 — suggested continued upside movement.
However if today’s fall extend, a clear break and close below the triangle’s downtrend line, the 200 SMA, the pennant’s bottom and the preceding low on Nov. 8, will suggest a pattern failure for the pennant. In that case next target for the bears will be $ 8 120.
Bitcoin would need to move back through to $ 9,140 levels to support a bullish run at the first resistance level at $ 9,253.4. But major resistance is the high of 26th Oct. at $ 10 350.
Support from the broader market would be needed, however, for Bitcoin to break out from Sunday’s high $ 9,142.
Since the high of 26th of June, Bitcoin BTC/USD is sinking and at the end of September the pair broke below symmetrical triangle (in red) on daily chart, as supply overcame demand. Since then, the price has been consolidating within a pennant formation, particularly potent with the 200 SMA as its bottom — which, after the preceding 40% surge over the two day period from Oct. 25 to 26 — suggested continued upside movement.
However if today’s fall extend, a clear break and close below the triangle’s downtrend line, the 200 SMA, the pennant’s bottom and the preceding low on Nov. 8, will suggest a pattern failure for the pennant. In that case next target for the bears will be $ 8 120.
Trade closed: target reached:
The bearish target $ 8 120 was reached on 21st Nov.
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💡 If you want to know on what basis we make our entries, get in here: t.me/trendlinefreetrade