As we can see from the various ROC
(9,12,18) the indicator has been really useful to spot the moves up and down, respectively whether it was breaking a trend resistance or support. we could have timely short the top in december and we will probably be able to timely spot the bottom. It looks like BTC
is breaking the resistance bouncing from the support (6150). My targets right now are 6700, 6900 and max 7k during next week. We are trading inside of the triangle and is quite obvious the two sides (bulls and bears) are balancing out. An accumulation it is likely right now. If we check the 2 weeks timeframe we can clearly see the volume
is picking up by the end of this pennant
, the side which btc
will break out will determine his next trend. Considering that the primary trend is bullish
i would expect a move up to continue the trend. If you check the 2 weeks timeframe you can see in 2014 we had a bullish flag
pattern and a pennant
during 2018, both intermediate trends.
back down to 6.5 ~ and break out.
educational purpose only.