IOSTUSDT 4H Chart.Pennant or not?

13 ม.ค. 2021

A symmetrical triangle must be at least 3 weeks to qualify as such,whereas a Pennnat a few days up to 3 weeks.To have a penanant we need also a steep long price move.Here we do not have this steep long price move before the pennant.Nevertherless,I will give it a try.So I measured the pole from the resistance at the bottom, where I think the small pole started to the highest point in the pennant.We had a breakout already.We have, according to the statistics from Bulkowski,47% chance to have a throwback.We are approaching the Monthly and Weekly resistances.I guess the resistances will play their role and we should have a throwback to the pennant trendline and then an upward move through the resistances.The average rise after a breakout is 25%.This brings us to 0,011288.And according to my pole measurement to 0,019383.Let's see.

13 ม.ค. 2021

บันทึกช่วยจำ

When we have reached the highest high at the end of the trend,we have normally an average 25% drop in price.

13 ม.ค. 2021

บันทึกช่วยจำ

I made a typpo.0,011288 was breakout price and 25% rise brings us to 0,014102

14 ม.ค. 2021

บันทึกช่วยจำ

We had a pullback to the neckline and already a 33% rise.Looking at the long upper wicks at the actual candles,I think we have reached the target and according to Bulkowski's Statistics ,we should have an average 25% drop now.This is 0,011269 approx.

14 ม.ค. 2021

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Do we go up to the target measured with the Pole from the pennant or do we go 25% down?

14 ม.ค. 2021

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4H Chart. We have at the moment 2 Indecision candles and a shooting star.TD was 9 and red.We have a bearish divergence.Volume is going down.Conclusion:We are going down.I suppose to the 4H resistance tuned support before.This is at 0,011999 approximately.May be lower to the 25% drop from Bulkowski.And this is at 0,011269.

15 ม.ค. 2021

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I was wrong with the RSI bearish divergence.So I will be very cautious.Still on the last 2 Candles on the 4H chart is the volume decreasing.We did hit the target of the pennant measured from the resistance at the bottom.If we have reached the top,we should have a 25% drop.But bitcoin is going down.

15 ม.ค. 2021

บันทึกช่วยจำ

We went much higher than the target from the Pennant pole.We have reached the end of the Pennant trend.And we had a drop of 28%.It is always good to know that after the high is reached at the end of the pennant trend,we drop around 25%.This will be my last update.All the best.