Like I posted several days ago the pennant pattern on Bitcoin has resolved to the downside, currently sitting just above $30,000 USD, whilst i do 100% believe this to be a BUYING opportunity, let us have a look to see where the price action could continue down to.
A traditional pennant can be measured with the width of the pennant as the 'projected' move, using this method the worst case would place Bitcoin between $24,000 and $26,000.
I will reiterate, at this level I would almost certainly be recommending to BUY.
On the 1hr we can see that Bitcoin appears to be in the 2nd minor impulse wave lower, just above the 127.2% extension level, I would expect to see some rally attempts here, simply due to the confluence of round number support $30,000 USD and the 127.2% extension.
Should we fall through this level then a move to the 161.8% level would be my next target, currently at $28,400 USD.
Failure to bounce from these levels would suggest a further move lower into the 'ambush zone' of the $24,000 to $26,000 USD.
-TradingEdge
A traditional pennant can be measured with the width of the pennant as the 'projected' move, using this method the worst case would place Bitcoin between $24,000 and $26,000.
I will reiterate, at this level I would almost certainly be recommending to BUY.
On the 1hr we can see that Bitcoin appears to be in the 2nd minor impulse wave lower, just above the 127.2% extension level, I would expect to see some rally attempts here, simply due to the confluence of round number support $30,000 USD and the 127.2% extension.
Should we fall through this level then a move to the 161.8% level would be my next target, currently at $28,400 USD.
Failure to bounce from these levels would suggest a further move lower into the 'ambush zone' of the $24,000 to $26,000 USD.
-TradingEdge
