BITCOIN update: Bullish Pennant breakout?

in crypto •  last year

after last week's bearish market, now we are currently on a little bit bullish market as the alts go green and king BTC is not performing any big moves in terms of price action. Now, after the double drop last Monday, at its first drop, it drops exactly at $6680 area where I plotted the 88.6% Fibonacci level then it accumulated upward a little bit then it formed a Bearish Pennant pattern then the pennant materializes then it drops again breaking the 88.6% Fibonacci level but it formed a Hidden Bullish Divergence then the divergence was given justice because the price accumulated upward and it formed a higher low when it dropped again exactly at 88.6% Fibonacci level and now it is forming a Bullish Pennant pattern and if it materializes we may see a rise up to its reasonable resistance at $6950 area. A bullish Pattern states that the length of the xy leg that is the price that it accumulated upward strongly is equal to the length of the breakout price accumulation of the bullish pennant pattern, and when I cloned the length of the xy leg then put it at the end of the bullish pennant pattern I draw it is exactly up to its resistance that I saw last time and its resistance now. I am quite amazed because it is really exact. Also the RSI from the drop up now is in uptrend, so it is really on a bullish movement right now and this may be a bullish market confirmation after it breaks out and we all hope it will, but for now let's see if the bullish pennant pattern materializes

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And it happened! the Bullish Pennant patter Materializes and it broke out of the pennant but its resistance at $6900 area level is pretty strong, but now as you can see it is approaching its resistance again, lets see if it breaks or it bumps again

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lupet master jeth abangan natin yan

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mukhang mauuntog na naman boss hahaha humina RSI

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Nice one boss jeth....

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thanks po!

Did you come up with these interpretations with a 24-hour interval basis?
How will you be able to prove that this is a feasible info if your analysis is not projected on a weekly gathered stats. Please make a comparison between the daily and the weekly pattern of what Bitcoin's behavior is.

In my experience, a 24-hour interval analysis is relatively short. I am not questioning your own interpretation but I would just like to know how you come up with this idea, that @steemitpowerupph should consider?

Thank you! ^_^

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hello sir, this is only my technical analysis of a 15m time frame and no stats should be gathered I came up with this just one using my indicators and a pattern that I saw from a 15m time frame. My indicators agreed with the pattern that I saw and because of that I am pretty confident that it may breakout, that is why my title contains a question mark. I hope this answered your question :)
thanks! :)

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So basically you are basing it with your your indicator which has shorter intervals than what I have assumed. And it may breakout. So how much time is the indicator valid if you have measured this graph for only 15 min lapses? Will this particular interpretation assure the @steemitpowerupph community be confident as well just like you stated in a verbatim manner "pretty confident" to buy BTC since it will be on a surge? in which luckily yes it's happening now at the moment? I will still check your other analysis later. Please be advised that we are now looking up to you. So always have a disclaimer. Keep it up though!

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sorry for a late reply, I forgot to put a disclaimer on this post. but here is my disclaimer:

Legal disclaimer: I am not a financial advisor nor any content in this article is a financial advice, buy and trade at your own risks. my analysis is based on my view using technical analysis and market behavior.

my indicators and time frame can't tell when it will be happening, i just used this time frame because this is where I saw the set up.

thanks for the compliment!

Hi @jetgab
Excellent article. I subscribed to your blog. I will follow your news.
I will be grateful if you subscribe to my blog @nepeso
Good luck to you!

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thanks also @nepeso :) I will be subscribing and following you, thank you!