Analyze Pennant Pattern Bitcoin Chart Setup
BTCUSD Trade Pennant Pattern Bitcoin Chart Setup
There are 2 different types of bitcoin pennant patterns - bullish pennant chart pattern and bearish pennant bitcoin pattern setup.
To trade these setups one requires to learn about the bitcoin analysis of bull pennant chart pattern and bear pennant bitcoin pattern.
How to Interpret and Analyze Pennant Pattern Bitcoin Chart Setup
Bull pennant pattern forms what resembles a rectangle setup with a slight downward tilt. The rectangle is formed by two parallel lines that act as support level and resistance area for bitcoin price until the bitcoin price breaks out. In general, the bull pennant bitcoin pattern will not be perfectly flat but it will be slanting & having a slight tilt.
The bull pennant cryptocurrency setup is found within an upwards trend. Bull pennant cryptocurrency pattern setup is a continuation chart pattern where the bitcoin price retraces slightly, bull pennant chart pattern is therefore a slight bitcoin price pull-back with narrow bitcoin price action that has got a slight downwards tilt. Buy signal is generated when the bitcoin price penetrates the upper line of the bull pennant chart pattern. The pennant portion of the bull pennant chart pattern has bitcoin price highs & bitcoin price lows which can be connected by small lines which are parallel, giving it what looks like a small channel - pennant.
The bull pennant chart pattern occurs at half-way point of a bullish upwards bitcoin trend & after a bitcoin price break out a similar move equal to the height of the pennant pole is expected.
How Do I Interpret a Bull Pennant Crypto Setup? - How Do You Read Pennant Pattern Crypto Pattern
The bull pennant chart pattern shown above was just a consolidation period as the bitcoin market gathered force to break-out and move higher. The bull pennant chart pattern continuation signal was confirmed when the upper line of this Bull pennant chart pattern was broken to the upside after which the bitcoin price continued moving upward.
Bitcoin Trade Pennant Pattern BTCUSD Trade Setup
This bear pennant pattern is found in a downward trend. The bear pennant pattern is a bitcoin crypto trend continuation pattern where the btcusd crypto price retrace slightly with a narrow btcusd crypto price action that has got a slight upwards tilt. The sell cryptocurrency signal is generated when the btcusd crypto price penetrates the lower line of the inverted bear pennant pattern. Pennant portion of this bear pennant chart pattern has bitcoin price highs & bitcoin price lows which can be connected by small lines which are parallel, giving the bear pennant bitcoin crypto pattern setup the look of a small channel - inverted pennant.
How Do I Interpret a Bear Pennant Crypto Setup? - How Do You Read Pennant Pattern Crypto Pattern
The bear pennant cryptocurrency pattern above was just a consolidation period for the bitcoin market trend prior to more selling and resuming of the downwards trend. The continuation signal from the bear pennant cryptocurrency setup was confirmed when the lower line of this bear pennant cryptocurrency pattern was broken to the downside after which the bitcoin price headed downward.
How Do I Read Pennant Pattern Chart Setup
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