The bear are still pushing it hard and lower. More down sides are expected. As the marketcap continue to reduce alot of coins are moving down.
KCSBTC chart is showing a bearish move and a continuation to the down side.
THE BEARISH PENNANT FLAG
Bearish pennants are continuation patterns that mark a pause in the movement of a price halfway through a strong downtrend, offering you an opportunity to go short.
They occur just after a sharp drop in price and resemble a triangular flag as the price moves sideways, making gradually lower highs and higher lows. The downtrend then continues with another similar-sized fall in price.
Before the flag-like pennant forms, the price experiences a sharp drop. This is known as the pennant's 'pole.'
The pole can represent either the start or the continuation of a downtrend and its size is important when you are calculating where to place the buy target for your trade.
The triangular pennant itself is usually very small in relation to the size of the overall downtrend so this pattern can be hard to spot.
Overall performance for bearish trend
Break even failure rate for down breakouts: 4%
Average decline: 19%
pullback rate: 31%
Percentage meeting price target for down breakouts: 60%; 51%
TRADERS GUILDELINES FOR BEARISH PATTERN
Price trend Can be any direction leading to the chart pattern.For bearish pattern price trend downward.
The flag Looks like a short symmetrical triangle.
Prices move between two converging trendlines.
The flagpole which leads to the pennant should be unusually steep and last several days.
Breakout downward 40% of the time.and most times it breaks to the upside... A MIXED CHART ANALYSIS. Breakout to the up side is more likely to happen. As show below: Most times when price reverse, it might be a general market bounce.
Technicals suggests that price is currently consolidation inside the flag pattern and it is almost completed.A major move to the two pointed targets on the chart will be reached only when price breaksout of the flag below and closes below it.
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of fund. Trader should be able to manage risk.