A symmetrical triangle must be at least 3 weeks to qualify as such,whereas a Pennnat a few days up to 3 weeks.To have a penanant we need also a steep long price move.Here we do not have this steep long price move before the pennant.Nevertherless,I will give it a try.So I measured the pole from the resistance at the bottom, where I think the small pole started to the highest point in the pennant.We had a breakout already.We have, according to the statistics from Bulkowski,47% chance to have a throwback.We are approaching the Monthly and Weekly resistances.I guess the resistances will play their role and we should have a throwback to the pennant trendline and then an upward move through the resistances.The average rise after a breakout is 25%.This brings us to 0,011288.And according to my pole measurement to 0,019383.Let's see.
Comment:
When we have reached the highest high at the end of the trend,we have normally an average 25% drop in price.
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I made a typpo.0,011288 was breakout price and 25% rise brings us to 0,014102
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We had a pullback to the neckline and already a 33% rise.Looking at the long upper wicks at the actual candles,I think we have reached the target and according to Bulkowski's Statistics ,we should have an average 25% drop now.This is 0,011269 approx.
Comment:
Do we go up to the target measured with the Pole from the pennant or do we go 25% down?
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4H Chart. We have at the moment 2 Indecision candles and a shooting star.TD was 9 and red.We have a bearish divergence.Volume is going down.Conclusion:We are going down.I suppose to the 4H resistance tuned support before.This is at 0,011999 approximately.May be lower to the 25% drop from Bulkowski.And this is at 0,011269.
Comment:
I was wrong with the RSI bearish divergence.So I will be very cautious.Still on the last 2 Candles on the 4H chart is the volume decreasing.We did hit the target of the pennant measured from the resistance at the bottom.If we have reached the top,we should have a 25% drop.But bitcoin is going down.
Comment:
We went much higher than the target from the Pennant pole.We have reached the end of the Pennant trend.And we had a drop of 28%.It is always good to know that after the high is reached at the end of the pennant trend,we drop around 25%.This will be my last update.All the best.