The BULLISH PENNANT FLAG PATTERN
The bullish pennant flag pattern. New with lower time frame.Price trend Can be any direction leading to the chart pattern, The Shape Looks like a short symmetrical triangle.Prices move between two converging trendlines.
Pennants are short, less than 3 weeks long. Patterns longer than that are symmetrical triangles, rising or falling wedges.The flagpole which leads to the pennant should be unusually steep and last several days.
Volume trend Downward trend 88% of the time and Breakout Upward 61% of the time. This type of pennat flag pattern is loose.
With a stong support level at 6200sats, price will continue to range inside the flag before a proper breakout will be determined.
Throwing back down to the 0.5fibonacci retracement level.
Technicals suggest an active bull trend will continue with a possible breakout. Near-term, momentum indicators suggest price is slightly oversold in this zone, which is calling for a quick return to the up side.
STOP LOSS: 0.00006021sats
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.