Bitcoin took a little bit of time to consolidate after the huge rally. The bulls are gathering enough energy to take the price higher again. The size of the next breakout could equal the size of the earlier move, which would take us around $3373. Hold on to your seats, rocket launch incoming.
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Touched resistance line, headed back down
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It's refusing to go down, fighting hard. We might have an early breakout on our hands...
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That was exciting for a moment, but nope, didn't have enough volume to break through. Ladies and gents, we are headed back down towards the support line.
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Ok, we're getting to a critical zone here. A few options:
1. It may bounce back up around 2725.
2. It may bounce back up around 2700.
3. If it breaks the pennant support line, there is a very strong support below at 2650.
If it bounces up at any of those 3 I believe the next upswing will be a major breakout. If selling pressure is very strong and none of the support lines hold, it could go as low as 2500, but I see that as highly unlikely.
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Bitcoin has not had enough buying volume to break the top of the pennant. If it doesn't break the top in the next 12 hours or so, we will likely drop below the bottom of the pennant to test the 2650 support line. Even if that happens I am still extremely bullish on bitcoin, we may just need a drop to gather our bulls before we can push upwards.
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We might have a breakout!
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Nope, false alarm, still no volume behind it. And back to waiting we go...
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Just broke bottom of the pennant at breakneck speeds, looks like we're headed to 2650 support line
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2650 support line held, this may have been the boost we need, we may now be headed to new heights. Stay tuned.
I would agree, segwit is a big boom in bitcoin and 2700 is a discount now. 4000+ is a easy target
RevnLucky7
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Thanks Patric.... following this pennant very closely. I always regard it as a strong bullish signal especially after that short covering. I just recovered from a pretty bad run so I'm thinking I'll pull from the alts and put a stop loss in at 2600 just in case this goes south. But I'm pretty optimistic.
patrickreiner
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@RevnLucky7, you're welcome! That sounds like a strong trade to me, and I'm doing something similar. Best of luck to us!
Hi Patrick I hace a question, I made a mistake and bought at 2870$ an my position it will be close today in 7 hours, do you think that the price can reach at least 2900$ before that time, thanks for your help.
patrickreiner
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@edavidga, it's really hard to say, BTC is acting super bullish at the moment so that's possible. A true breakout I think would be around $2830, at that point it should rocket upwards, but so far it doesn't have the volume to achieve that. If it heads lower towards the support line it might be more than 7 hours before it makes it's run upwards. Hope that helps!
edavidga
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@patrickreiner, thanks for your help, do you think that its a good idea to close my position now with a few losses and buy again when the price go down in the rest of the day, thanks.
VolatilityRocks
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August and September are supposed to be new highs for BTC, where it creates support at $2,880 and then goes up from there.
GoaGloba
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Why have you marked this for short? I'd go long on this trend.
Your target is realistic and matching several other analysis experts.
Thanks for sharing and kudos to your trading :-)
patrickreiner
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@GoaGloba, yeah I wasn't paying attention to that setting, I agree LONG would've been a better description. Oh well, you can still trade the bounces up and down within the pennant until it launches.