Bitcoin Pennant

BuggedOut

BuggedOut

Well-Known Member
Silver Stacker
Bitcoin hasn't been doing a lot recently. Seems to be trading within an ever narrowing price band and it's making a pennant formation. From a technical perspective a pennant is a bullish signal, but also fundamentally I think Bitcoin has some near term upside due to the capital flight from China and the issues Chinese are having with capital controls being implemented.

I reckon Bitcoin could break out from this pattern in the next month or so and could well go on another massive run up in price.

Have a look and see what you think :-

17623_bitcoinpennant.png
 
not to mention the code fork to bitcoin classic thats underway, once its completed and larger block sizes are in place this will also trigger a break out.
 
Golightly said:
Yeah block halving is the big one for me, Alts going to be crushed...
Click to expand...

You think it's not been priced in, already?
And why do you think that the halving affects the price, anyway?
 
Porcello said:
Golightly said:
Yeah block halving is the big one for me, Alts going to be crushed...
Click to expand...

You think it's not been priced in, already?
And why do you think that the halving affects the price, anyway?
Click to expand...

Nah hasn't been priced in yet.
It will rocket because people with loads of BTCs use it as a reason to pump it to make more BTCs :)....

Look at what happened to LTC before halving. same deal

Then recently WBB halved and nothing happened for two weeks before the less coins hitting the market started to slowly maker it climb, I think that is an honest reaction to halving, the rest is just hype.

And Yeah A high BTC price decimates alot of Alts
 
Whales with lots of coins can only dump, not pump. I think instead that the price will skyrocket in case of a successful classic fork, but let's see. Interesting dynamics... To be honest, much more interesting than metals.
 
Porcello said:
Whales with lots of coins can only dump, not pump. I think instead that the price will skyrocket in case of a successful classic fork, but let's see. Interesting dynamics... To be honest, much more interesting than metals.
Click to expand...


Realistically if you have lots of coins you have lots of $$$$$ if your trading say in BTCe you would likely been in FIAT most of the time and bring in BTC from cold storage to sell.
Even If I am a big holder in coin X I always keep some BTC aside to put up walls when it pumps. and I am only plankton
 
Golightly said:
Porcello said:
Whales with lots of coins can only dump, not pump. I think instead that the price will skyrocket in case of a successful classic fork, but let's see. Interesting dynamics... To be honest, much more interesting than metals.
Click to expand...


Realistically if you have lots of coins you have lots of $$$$$ if your trading say in BTCe you would likely been in FIAT most of the time and bring in BTC from cold storage to sell.
Even If I am a big holder in coin X I always keep some BTC aside to put up walls when it pumps. and I am only plankton
Click to expand...

:cool:
 
It really is a very impressive pennant formation. The limits have been tested another 4 times since I first pointed it out.

The pointy end is getting very narrow now. Strong change of a significant move within the next week.

17623_bitcoin20160329.png
 
Bitcoin Pennant formation definately looks complete now and first signs of a new breakout to the upside are there to see in the last couple days.

17623_bitcoin20160421.png


How far it goes and how quickly now are the main questions for Bitcoin. I'd like to see some volume come in and reinforce the breakout signal.
 
Bitcoin has had a nice breakout rally after the pennant, topping over $590 USD last week.

Rally is looking a bit tired at the moment though. Some consolidation is required I think. Maybe even a pullback to consolidate around the $520-$540 level?

I'm cashing out for now but will be watching closely for a nice dip to buy :)
 
BuggedOut said:
Bitcoin has had a nice breakout rally after the pennant, topping over $590 USD last week.

Rally is looking a bit tired at the moment though. Some consolidation is required I think. Maybe even a pullback to consolidate around the $520-$540 level?

I'm cashing out for now but will be watching closely for a nice dip to buy :)
Click to expand...

It's always hard to predict a top, it seems....
 
Indeed.

I'm happy with a 30% profit on a 4 month investment though. I might miss out on these higher prices but I'm not complaining.
 
Big pullback in Bitcoin the last couple days. Coming all the way back from $789 to $555 USD in just 5 days.

Hopefully the volatility will settle down now and there will be a consolidation that will restore some confidence.
 
Consolidation looks like it might be occurring now around the $640-$660 USD range.

Possibly even another (much steeper) pennant formation occurring over the last 4 weeks.
 
You boys and girls have balls of steel to be playing with bitcoin.
I am a gambler and even i am to much of a pussy to play with it.
 
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