Bitcoin can exit from pennant pattern and continue to decline

18 янв.

Hello traders, I want share with you my opinion about Bitcoin. By observing the chart, we can see that the price traded in a triangle, where it rebounded from the resistance line and made a downward impulse to the support line, breaking the 42300 support level, which coincided with the buyer zone. After this, BTC at once rebounded from the support line and in a short time rose back and reached the resistance line of this pattern, breaking the 42300 level one more time. Later price exited from the triangle pattern and then rose higher than the 45900 resistance level, which coincided with the seller zone, but soon it made a correction below. After this movement, BTC made a strong impulse up to the resistance line, breaking the resistance level again, and soon it turned around and made a downward impulse until the lower buyer zone to the support line, thereby breaking the 45900 level again. As well, the price started to trades in a pennant pattern, where a not long time ago it rose to the resistance line of this pattern. But now Bitcoin trades near the support level, so I think that price can decline to the support line of the pennant, thereby breaking the support level. After this, possible scenario that BTC exits from this pattern, make retest of support line, and continues to fall. For this case, I set my target at the 40500 level. Please share this idea with your friends and click Boost 🚀