BTCUSD
We have a consolidation pennant formed after the big drop from our previous rising wedge pattern. Best seen on the 4H and 6H, this pattern is clean and technically correct with volume and volatility profiles providing validation.
Personally I think that this pattern wants playing in either direction, as before with the rising wedge. There are solid arguments to be made for both cases.
Downside targets are the yearly open at 29k and then the pattern target which coincides with a support block at 24k.
The upside target is the 0.618 fib retracement from the recent downmove, confluent with a bearish orderblock at 49k.
With these targets and a reasonable stop placement, this should give and R:R of 4-5 with a high strike rate.
Good luck!
Comment:
Currently the HTF market structure is bearish so a downside break is the more likely route, technically speaking
