A bullish pennant has started to form after a significant bullish move in price. This bullish pennant is showing the strength that is needed from the price to break this very strong resistance level, there is a very high chance that the price would make substantial gains in an upward direction once it breaks out the bullish pennant and the resistance zone.
I am new to this so please don't take this as advice.
Looking at XRPUSD for a while, I bought a long time ago during the FOMO stage, looking to get back in and lower cost per coin average.
The daily chart appears to show a Bull Pennant has formed, the daily RSI has reset as has the 1hr RSI. It appears a long overdue increase to me, I have measured the most...
My initial thoughts are that this is a bearish pennant, looking for the long-term break to the downside.
However it is possible that there has already been a break to the topside (so maybe it's a descending triangle). The open of the Sydney session and price action through monday will aid to clarify whether it will be a long or short position.
LONG: With the...
GBPMXN (weekly) chart is showing some interesting features, which lead me to be long on lower time frames.
There is some sort of triangle, wedge, or pennant following breakout.
The pattern is holding above a level of support (at this time).
Based on experience, this creates a probability for further moves north.
The Aroon is showing that the bulls are still...
Consilidation shown in the triangle with higher lows and even lower highs.
Current support level has been broken before: awaiting for confirmation of bounce or breakout.
MA7 has crossed over MA20, suggests possible breakout for a short position.
Also, ADX signalling a not so strong trend, strengthining the consilidation view.
Imminent pennant formation break out coming back on trend line support. Get on it!
If break out goes long you can see my SL/TP on the chart, SL on previous low and TP target on the high of the pennant. But could go either way. I am going to wait to see how it plays out before making a decision.
Good luck if you take the trade
I have been tracking a bearish pennant on XBTUSD for a number of days and it has just crossed the 3/4 duration marker, which means that it is likely to resolve soon. We are currently trapped below the 0.382 fib and even if we break into it again then we're rapidly running out of space in the pennant; it will resolve (one way or the other) by 2nd Feb. This pattern...
Long term resistance from the all-time-high now converging with short term support - and almost playing out the exact same pattern over the same period from 21st December to 5th Jan. In that instance there was a sharp break above the trend followed by a 25% drop. If we get a close above the pennant it may be worth considering a long position if it can go on to...
I am going to keep this short and sweet, as I believe this chart conveys what I could type out much better. As to how i found my trend lines, and created an overlay of diamond sections to isolate movement, is done by an amalgamation of a few techniques.
Simplistically, IOTA has been bearish for some time, and a breakout is on the horizon,...
One large pennant formed from 20k ATH, one smaller one recently and i have drawn what is probably a non-sensensical super pennant containing them both. You might be able to tell that i've been chart watching a little too much today!
I'm still very much in the learning seat, so I would love any feedback regarding my pattern matching skills! I think this is a good bullish pennant match on the EUR/USD 1H chart, and is supported by a strong uptrend on the daily chart. Any traders considering taking this opportunity? Thanks for any feedback!
Hope that this time I'm right again, but looks like data is building up for a nice breakout again, put your stop losses, but don't put them to close because I expect it to go down hard again like previous times, before going up, also think if it doesn't come up straight it will eventualy
I'm expecting it to go up to break trough the 0.6$, but be careful, to put a stop loss @ 0.51 don't put it to close this coin will go up, but I expect it to go down first and this kind of coins tent to go down a lot before a breakout. Also I'm not an expert this is just my idea, do your own analyses on the risk .
Volumes comming down, still about 10% down of yesterday and 14% the alltime high, volumes going down, I pretty shure we gonne see an other breakout in the short future, taking profit from 1.2-1.3 and stop loss @ .99, by max 1.1 or just hodl! This is one of the big coins in my opinion for 2018 and #iota.
To me this looks like a textbook version of a pennant and XRP is getting ready for a new break out.
Japanese banks are using Ripple, I'm actually surprised it didn't rocket yet.
Or am I missing something?