I will be watching BTC/USD this week to see if it continues the volatility contraction or if it decides to break out of the Bull pennant.
Bull Pennant – Bull Pennant Pattern
The bull pennant pattern is found within an uptrend in a stock. This pattern is named for the resemblance of a pennant on a pole. The bull pennant is a continuation pattern with narrowing price action following a strong advance. The technical buy point is when price penetrates the upper trend line of the pennant area, ideally on volume expansion.
This is what I will be watching... A break below would be a bearish sign and we might see more downside in that case.
This is not investment advice.
Bull Pennant – Bull Pennant Pattern
The bull pennant pattern is found within an uptrend in a stock. This pattern is named for the resemblance of a pennant on a pole. The bull pennant is a continuation pattern with narrowing price action following a strong advance. The technical buy point is when price penetrates the upper trend line of the pennant area, ideally on volume expansion.
This is what I will be watching... A break below would be a bearish sign and we might see more downside in that case.
This is not investment advice.