BTCUSD on the 4H is about to invalidate an apparent huge bear pennant (blue) with a massive down taget in the $5000s.
To be maintained formations are:
Bearish:
- Bear flag (turquoise dashed) with rejection target at $18000 -> resulting bear target in the $9000s
- Two month uptrend median (purple dotted) rejection -> possible further pennant building
Bullish:
- Substantial breakout of the $19000s -> with a macro target of $30800 ! (to be discussed in next coming BTCUSD macro view analysis here)
To be maintained formations are:
Bearish:
- Bear flag (turquoise dashed) with rejection target at $18000 -> resulting bear target in the $9000s
- Two month uptrend median (purple dotted) rejection -> possible further pennant building
Bullish:
- Substantial breakout of the $19000s -> with a macro target of $30800 ! (to be discussed in next coming BTCUSD macro view analysis here)