Bitcoin breakout from pennant
Bitcoin is coming to a boiling point
Is a larger correction about to happen and is bitcoin going to break to the downside? Or are we just seeing a consolidation pattern before a boom to 14000 or even 16000?
To me it's very hard to tell at this stage.
Firstly I see a pennant with downsloping resistance and uptrending support. If this breaks to the upside, could the flag pole be extrapolated to the current high of ~14000?
I also see a potential larger pennant forming from the move up to 14000, a potential break out to the upside from that could see bitcoin really shoot up and test the fib extension at around 16000.
But I still see a real possibility of a larger correction down to below 9000.. It's hard to tell right now which is going to happen.
My plan is to wait for a clear breakout to the upside that can be sustained. Entering a long at above 12000 or even above 12500 as confirmation that the bull market is ready to continue and push higher.
On the flipside I'm looking to short is this breaks to the downside, but I'd give it some room as well. I'd wait to see if the move drops below the .618 fibonacci retracement with conviction.
Is a larger correction about to happen and is bitcoin going to break to the downside? Or are we just seeing a consolidation pattern before a boom to 14000 or even 16000?
To me it's very hard to tell at this stage.
Firstly I see a pennant with downsloping resistance and uptrending support. If this breaks to the upside, could the flag pole be extrapolated to the current high of ~14000?
I also see a potential larger pennant forming from the move up to 14000, a potential break out to the upside from that could see bitcoin really shoot up and test the fib extension at around 16000.
But I still see a real possibility of a larger correction down to below 9000.. It's hard to tell right now which is going to happen.
My plan is to wait for a clear breakout to the upside that can be sustained. Entering a long at above 12000 or even above 12500 as confirmation that the bull market is ready to continue and push higher.
On the flipside I'm looking to short is this breaks to the downside, but I'd give it some room as well. I'd wait to see if the move drops below the .618 fibonacci retracement with conviction.
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