Bitcoin price chart on time frame The daily is currently forming a very important pattern, which is most likely “pennant“. There are two potentials in this rocketing up or dipping like the previous similar pattern.
This was conveyed by seasoned trader, Peter Brandt on his Twitter account, Tuesday (5/6/2022).
“When this seems to be forming pennantthen it is pennant specifically for BTC,” write it short.
Brandt’s written opinion is a bit vague, but if he refers to the daily chart of the Bitcoin price, he says that pennant that might form is like bearish pennant earlier, which occurred between May and June.
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This previously made the price of BTC throughout June the worst since the last 12 months.
On pattern pennant Previously, BTC failed to break the upper limit channelthus turning the crypto upside down under US$20 thousand.
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What is Pattern Pennant on the Bitcoin Price chart?
Pola pennant is the pattern type candlestick a continuation that forms when there is a big move, which is also known as flagpolefollowed by a period of consolidation with a converging trend line—pennant—Followed by movement breakout in the same direction.
Usually, this pattern is fully formed and confirmed, if it breaks above or below the line channelexperienced a period of consolidation, then continued the trend.
Previously Brandt viewed that Bitcoin was not a good asset as a store of value like gold for investment. For him BTC is assets for speculation onlybecause it is highly volatile.
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The price of BTC over the past week has also been increasingly depressed, due to the strengthening US dollar globally. It is reflected by dollar index (DXY) which reached 106, the highest number since December 2, 2002 in time frame weekly.
The strengthening of the dollar is the impact of the policy of increasing interest rates by the Fed to fight inflation to reach 2 percent.
Another analyst said, that BTC could return to US$23,000 again, if it could surpass the resistance of US$20,300. That’s what he said today at Twitter. When the article was written, the price of BTC slightly strengthened in the range of US$20,200. [ps]
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