Bitcoin | Flag - Pennant Formations & ABCD Formations
Hello;
I drew the flag pennant formations that I prepared on the Bitcoin Futures
BTCUSDT.P
daily chart. The same technical analysis can be followed on spot $BTCUSDT.
1. The first flag pennant formation at points A1, B1, C1 and D1 on the Bitcoin futures daily chart has been completed together with the first ABCD formation. As I indicated on the chart, the price moves from point C1 to point D1 ($19,521.6 > $31.059) by the distance between A1>B1 ($16,320 > $25.347).
2. When we measure the distance between A2 and B2 ($19,521.6 > $31.059), the price will mark again and the second ABCD pattern has been completed, as in the previous A1 B1 move.
3. The third flag pennant formation on the chart may meet with the trendline starting at $16,320 and hitting $19,521.6 and $24.777 respectively.
4. On the fundamental analysis side, the fact that the FED kept the interest rate unchanged at this month's meeting may support bitcoin in this rise.
5. To support the technical analysis I have made, I strongly suggest you look at the economic news coming from the USA this week.
6. When we draw a fibonacci between A2 and B2 ($19,521.6 > $31.059) prices, the 61.8% point of the fibonacci comes to $23.310. The daily closes that can be made below this price will be an indication that the formation is broken.
7. By placing a stop loss at $23,000, take profit can be targeted at the B3 point of the third flag pennant formation.
8. If everything goes well, the price will move from B3 point to C3 point as in the other two flag pennant formations and ABCD formations. After the long transaction closed at B3 point, a short transaction can be opened by placing a 14-day ATR stop loss from B3 point to C3 point.
9. Assuming scenario 8 works fine, I hope you open a long transaction from point C3 to point D3.
Best regards; Good luck.
I drew the flag pennant formations that I prepared on the Bitcoin Futures
BTCUSDT.P
daily chart. The same technical analysis can be followed on spot $BTCUSDT. 1. The first flag pennant formation at points A1, B1, C1 and D1 on the Bitcoin futures daily chart has been completed together with the first ABCD formation. As I indicated on the chart, the price moves from point C1 to point D1 ($19,521.6 > $31.059) by the distance between A1>B1 ($16,320 > $25.347).
2. When we measure the distance between A2 and B2 ($19,521.6 > $31.059), the price will mark again and the second ABCD pattern has been completed, as in the previous A1 B1 move.
3. The third flag pennant formation on the chart may meet with the trendline starting at $16,320 and hitting $19,521.6 and $24.777 respectively.
4. On the fundamental analysis side, the fact that the FED kept the interest rate unchanged at this month's meeting may support bitcoin in this rise.
5. To support the technical analysis I have made, I strongly suggest you look at the economic news coming from the USA this week.
6. When we draw a fibonacci between A2 and B2 ($19,521.6 > $31.059) prices, the 61.8% point of the fibonacci comes to $23.310. The daily closes that can be made below this price will be an indication that the formation is broken.
7. By placing a stop loss at $23,000, take profit can be targeted at the B3 point of the third flag pennant formation.
8. If everything goes well, the price will move from B3 point to C3 point as in the other two flag pennant formations and ABCD formations. After the long transaction closed at B3 point, a short transaction can be opened by placing a 14-day ATR stop loss from B3 point to C3 point.
9. Assuming scenario 8 works fine, I hope you open a long transaction from point C3 to point D3.
Best regards; Good luck.
Trade active:
Comment:
Clockwerk !
Comment:
Momentum with downtrend
Trade active:
Trade active:
Trade active:
Trade active:
reverse trade now. short.
Comment:
Draw a Fibonacci between 24,777 - 28,000 and the price will retrace to 61.8 correction by tomorrow. Chart must be
BTCUSDT.P
4h Logarithmic.
BTCUSDT.P
4h Logarithmic.
Trade closed: target reached
