The price action may further fall down to 325-330 levels. Now price action formed a pennant triangle pattern, indicating continuation of prior strong bearish move. BTC had a small breakout of this pennant, but dropped back down into the same pennant. As per the price action on hourly chart, it is observed that the price action consolidated after a sharp correction to the previous gap up levels. 2. A pennant can be used as an entry pattern for the continuation of an established trend. The formation usually occurs after a sharp price movement that can contain gaps (known as the mast or pole of the pennant) where the pennant represents a period of indecision at the midpoint of the full move, consolidating the prior leg. Dishonorable Mention: Bullish Pennant Pattern (54.87%) and Bearish Pennant Pattern (55.19%) Although we've already covered the seven best price action patterns, I thought it would be useful to include one more pattern because of it's comparatively poor performance despite being commonly used. Divergence is when the price of an asset and a technical indicator move in opposite directions. Moving Average Convergence Divergence (MACD) is defined as a trend-following momentum indicator that shows the relationship between two moving averages of a security's price. Divergence is a warning sign that the price trend is … Bearish Pennant . The bearish pennant is a continuation chart pattern that appears after a security experiences a large, sudden drop. These trends are classified as secular for long time frames, primary for medium time frames, and secondary for short time frames. A market trend is a perceived tendency of financial markets to move in a particular direction over time. Bullish Pennant. 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 zooming out on the chart you can see the real pennant consolidation pattern BTC is … This is the consolidation pattern BTC was initially in. In looking at Bitcoin you can see the red pennant pattern marked on the chart.
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