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Eric123

Epic Pennant on BTC Chart

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More lines on a chart. Everyone with access to YouTube, which is basically everyone, is drawing lines on a chart trying to figure out where the price of btc is going. So maybe we go up? Or maybe we continue to $2,400 by late Feb? Then what? Might as well go back to your magic 8 ball. LOL.

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4 hours ago, Eric123 said:

Is this the Mother of All Pennants, or am I just being silly!?  Thoughts.

pennant1.png

Not an expert by any means but it doesn’t look right to me. The touches on the upper and lower boundaries of the pennant are too random. There’s that initial touch on the bottom end ages ago. Then no touches at all at either the upper and lower boundaries until just recently. So what I mean is that the touches are not evenly spread out for it to qualify as a proper wedge. 

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6 hours ago, Eric123 said:

Doesn't really look right to me either.

Ok one right back at you. Do you think either of these look like a bullish falling wedge? I’ve drawn them differently with the lines touching the candle bodies vs wicks. If this actually plays out we could have a big breakout in a few days to couple of weeks.

D34DFE24-57EC-42E6-B9B3-763B85278EC6.jpeg

B6545E48-4251-41EF-B43E-4B550168CCA3.jpeg

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6 minutes ago, djdhrubs said:

If you’re referring to my post...good. Really good! Falling wedges break out to the upside.

Thanks,  we’ll i guess we will have to see what happens. I am hesitant we are ready to the bulls to move in, still seems bearish!  Could definitely change on a dime though

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50 minutes ago, 2ndtimearound said:

As with all TA, this prediction must be appended with "unless they don't". :D

True. I’ve been told by people more knowledgeable than me that wedges often don’t play out in a bear market. Plus we are tied to bitcoin which isn’t really forming a wedge.

In my own limited experience, every time I’ve ever played/ traded a wedge that I’ve been sure of, it’s worked out beautifully, whether that’s shorting or going long. Done it about 5 or 6 times on shorter time frames. It’s said to give an 80% probability of going the way it should. For me, it’s been 100%.

In this case, I’m not actually certain it’s a valid wedge by Elliott Wave criteria, so there’s that doubt in my mind. 

Probably a more detailed response that you were looking for, but there you go!

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