Right this second its not acting bullish, problem with holiday is the buyers can stop which just leaves people selling BTC to buy their goods and hence a sell off can occur. Its just a trading thing but not every time will a pattern resolve in a bullish way.
So we have some sell just right now but if it settles here and even corrects back some of that sell then its no news its forgotten easily. If we do press on and lose 43k, confirm that loss on a 4hr bar then it can develop further. As I say it only takes a lack of action, lack of people wanting to buy on a particular day can snowball into something of a pullback for at least this week or so. Lets see how it develops, obviously the timing is not a normal time of the year yet BTC never stops and most prices you see quoted cease till an open day of trading so BTC is special.
Topic: BITCOIN BULLISH PENNANT. (Read 221 times)
The first one would happen if a strong resistance is broken. It may be $40k but I'm more sure about $50k being able to do that.
^^ $50k it is.As we can now see, after breaking $40k resistance, we never saw any major rises (anything around and below 10% is not major for bitcoin). $50k resistance still sounds like the better trigger point to create FOMO and the "sharp vertical climb"s that we know and love to see in bitcoin...
The first one would happen if a strong resistance is broken. It may be $40k but I'm more sure about $50k being able to do that.
^^ $50k it is.As we can now see, after breaking $40k resistance, we never saw any major rises (anything around and below 10% is not major for bitcoin). $50k resistance still sounds like the better trigger point to create FOMO and the "sharp vertical climb"s that we know and love to see in bitcoin...
I do not believe these kinds of things, maybe they do work or maybe they do not, I really do not know but in the end I believe that the best thing we could do right now would be making sure that it is going to end up with a profit over time. It should be something that will be profitable if it's true, and I am happy for that, but you do not need TA to see that it is going to go higher, it is already obvious that it will go higher.
I mean we are so near the halving, that should tell you all you need to know if you know a bit about bitcoin anyway. I get that it may not be all that easy to handle it, but if you could see it, then you will know that it is going to be something that will give you a lot of profit with time as well. I am not saying that it is going to cause you a ton of profit right off the bat, maybe it will be a small profit at first, but it is obvious that we are nearing a bull period and anyone who wants to make some profit should their position already.
I mean we are so near the halving, that should tell you all you need to know if you know a bit about bitcoin anyway. I get that it may not be all that easy to handle it, but if you could see it, then you will know that it is going to be something that will give you a lot of profit with time as well. I am not saying that it is going to cause you a ton of profit right off the bat, maybe it will be a small profit at first, but it is obvious that we are nearing a bull period and anyone who wants to make some profit should their position already.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-chargin’ again.This means that the sharp climb in price would resume after that brief period of consolidation when bulls gather enough energy to take the price higher again.In this example, the L price made a sharp vertical climb before taking a breather.
Do you still believe in this Bullish Pennant and other trading indicators/patterns?
I do not think they usually play out as per the test book description. Even if the bitcoin breaks this bullish pennant, it will not be like that it breaks and the bitcoin price pumps. In fact, it may dump, give a false break and then pump back up, liquidating both the long and the short traders.
I think there's even a thread that the price will go down to $39k, but didn't happen as well. And with that, it's really hard to see where the market is going at least short term. Basing on history, we've the price movement as, it should go down first before we can reach X price in the future. But it seems that this thoughts are not going to be applicable as we have like the bullish news about Bitcoin ETF. So very hard to see where we are going this end of the year. So far the price is moving to $44k-xx,xxx. So maybe $50k, the highest speculation this 2023.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-chargin’ again.This means that the sharp climb in price would resume after that brief period of consolidation when bulls gather enough energy to take the price higher again.In this example, the L price made a sharp vertical climb before taking a breather.
Do you still believe in this Bullish Pennant and other trading indicators/patterns?
I do not think they usually play out as per the test book description. Even if the bitcoin breaks this bullish pennant, it will not be like that it breaks and the bitcoin price pumps. In fact, it may dump, give a false break and then pump back up, liquidating both the long and the short traders.
Bitcoin is already close to $45k and it's just 20th of the month of December. I believe that Bitcoin has the potential to reach $50k value in this month and if that happens then during the halving event we may see Bitcoin at $60k value or above. Who knows that with approval of Bitcoin ETFs we may see huge pumps in the value of Bitcoin which may take it to over $55k or possibly at $60k value.
As a contradiction I saw an analysis that relies on a model that showed this as a pre-halving rally that's mostly over. It doesn't show where the rally will end because it could be 45k or 48k, but it showed sub 50k bitcoin for sure. Anyway, the author suggested that the indicator he relies upon (Puell Multiple) is peaking and each time it happened before the halving bitcoin corrected, like that time when it went to 14k in 2019 and back down to 4k.
I don't agree with him because this indicator relies on miners dumping when prices are high and this time I believe the coming ETF decision will influence the market so much that it will not correct a lot, but we shall see. Maybe we go to 50k and then correct to 44k?
So for now short term, we do hope that $45k at least at the end of the year will be a good indication that the incoming year will be very bullish as halving is approaching.
Bitcoin is already close to $45k and it's just 20th of the month of December. I believe that Bitcoin has the potential to reach $50k value in this month and if that happens then during the halving event we may see Bitcoin at $60k value or above. Who knows that with approval of Bitcoin ETFs we may see huge pumps in the value of Bitcoin which may take it to over $55k or possibly at $60k value.I'm sure that the next two years will be very bullish for Bitcoin investors and we may see many altcoins following the bullish pattern of Bitcoin. I hope that Bitcoin may reach $80k value at the end of 2024 and may reach or cross $120k value in 2025 and if that happens then most of us will be happy because we all want Bitcoin to trade at higher price values.
I am not sure that all these technical analysis figures are working correctly. For example now it was clear that bitcoin will rise because a lot of Tether was printed and also many people expect a new spot etf.
It's sideways, but as per the TA of the OP that time, definitely there is a bullish pennant. As for breaking the previous all time high, yes, this is more likely, it could be in the next 7-10 months give and take. But definitely it will be inside 2025, as this could be the year that the price is going to be push to it's highest, specially good news will be around that time frame.
There are members that could be affected by too much speculation, but for the majority, doesn't matter, you just have to learn to read between the lines and you will be good. Or even learn from those who are posting their TA here. So for now short term, we do hope that $45k at least at the end of the year will be a good indication that the incoming year will be very bullish as halving is approaching.
I am not sure that all these technical analysis figures are working correctly. For example now it was clear that bitcoin will rise because a lot of Tether was printed and also many people expect a new spot etf.
^^ And just like that, bitcoin broke $40k and then goes up to as high as $45k if I'm not mistaken. So yeah, it did shows a bullish pennant that week when the OP posted his prediction/speculation. But I guess this has been invalidated already as we have reach that price.
Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
I am not sure that all these technical analysis figures are working correctly. For example now it was clear that bitcoin will rise because a lot of Tether was printed and also many people expect a new spot etf. But things can happen a bit differently and the price can fall. Because it's too early for bitcoin to grow fully. It should happen after the halving.Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
Of course, it's going to be a hit or miss for this technical analysis. But maybe the OP did manage to get it correctly with. But now it seems that we are in a different movement. We've seen some corrections along the way after that big push to $45,000.
I'm not sure about the Tether printing though, this has been wildly speculated for years and maybe it will put a dent on the price in a negative way but I don't think that it's the main reason why we see that minor dip that I'm talking.
Maybe investors just sold to make profits at around $45,000 and then rebuying when the price hits $40,000. So it's going to be a cycle, but long term basis like in the next 6 months will be a good gauge as how far we are, if we ever hit new all time high or close to it.
I am not sure that all these technical analysis figures are working correctly. For example now it was clear that bitcoin will rise because a lot of Tether was printed and also many people expect a new spot etf.
^^ And just like that, bitcoin broke $40k and then goes up to as high as $45k if I'm not mistaken. So yeah, it did shows a bullish pennant that week when the OP posted his prediction/speculation. But I guess this has been invalidated already as we have reach that price.
Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
I am not sure that all these technical analysis figures are working correctly. For example now it was clear that bitcoin will rise because a lot of Tether was printed and also many people expect a new spot etf. But things can happen a bit differently and the price can fall. Because it's too early for bitcoin to grow fully. It should happen after the halving. Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
Op's TA definitely happened but since he was using 1h timeframe he must also check the macro to determine if the pattern was against the trend. As we can see in the weekly chart, the bias is clearly an uptrend, possibly it would hit the supply above which was around $45k, and it happened. In trading, using pattern solely at the chart especially at lower time frame would only make you lose, because there is high chance that you are trading against the trend. Checking the macro time frame is a must to know the bias and always find a pattern that is harmonize with it.
^^ And just like that, bitcoin broke $40k and then goes up to as high as $45k if I'm not mistaken. So yeah, it did shows a bullish pennant that week when the OP posted his prediction/speculation. But I guess this has been invalidated already as we have reach that price.
Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
Although if we will continue, there are some minor corrections going to $40k-$41k after that huge push.
Now, $40k is the support line again, as after that correction, bullish momentum still persists in this market as we are now in the $43k'ish.
Without trading volume charts, you are looking at the glass as half full. Bullish pennants should be accompanied by an increase in trading volumes and a bet on breaking the support level.
Technical analysis shows that we need a quick correction in the coming days before we see $40,000.
It should be, but if you look at bitcoin today wants to continue to break through to the $40k level, and I note that it is quite difficult to reach it in the first week of the last month of this year, technically we need a correction for everything to look reasonable, so that bitcoin can break through to the $40k level. Technical analysis shows that we need a quick correction in the coming days before we see $40,000.
But will there be a miracle in the next few hours?, sometimes the market is very difficult to predict, even though we know that trading volume is the most powerful indicator in predicting a potential market development.
For now it seems like we are going to continue seeing slow and small rises that are consistent too. Which is a good thing but I don't see any big jumps in the near future. Because the bulls you are talking about haven't gone anywhere, they have been around if you zoom out and see how price has been on the rise consistently for the past ~3 months now. Even the bigger picture since January shows an overall rise with only corrections and market manipulation dumps.
What we need for that "sharp climb" is two things: the uncertain investors who are still too afraid to buy back in but have a lot of money to invest. And also the money that went somewhere else like the shitty but high paying bonds (due to high interest rates) to come back to bitcoin market which requires interest rates to come down.
The second one requires interest rates to come down which is not gonna happen since inflation would shoot up thanks to high and increasing energy prices.
The first one would happen if a strong resistance is broken. It may be $40k but I'm more sure about $50k being able to do that.
What we need for that "sharp climb" is two things: the uncertain investors who are still too afraid to buy back in but have a lot of money to invest. And also the money that went somewhere else like the shitty but high paying bonds (due to high interest rates) to come back to bitcoin market which requires interest rates to come down.
The second one requires interest rates to come down which is not gonna happen since inflation would shoot up thanks to high and increasing energy prices.
The first one would happen if a strong resistance is broken. It may be $40k but I'm more sure about $50k being able to do that.
Without trading volume charts, you are looking at the glass as half full. Bullish pennants should be accompanied by an increase in trading volumes and a bet on breaking the support level.
Trading volume is most important in any market and for any trading asset. I am sure Bitcoin is not an exception and it can not break out, make new highs, new all time highs without massive trading volume.Why is trading volume important for investors
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Technical analysis shows that we need a quick correction in the coming days before we see $40,000.
Could you share where is the screenshot taken from, please.I did not know any website that has such interface and chart.
Without trading volume charts, you are looking at the glass as half full. Bullish pennants should be accompanied by an increase in trading volumes and a bet on breaking the support level.
Technical analysis shows that we need a quick correction in the coming days before we see $40,000.
Technical analysis shows that we need a quick correction in the coming days before we see $40,000.
Bullish pennants, just like its name suggests, signals that bulls are about to go a-chargin’ again.This means that the sharp climb in price would resume after that brief period of consolidation when bulls gather enough energy to take the price higher again.In this example, the L price made a sharp vertical climb before taking a breather.
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