Bull Pennant on Bitcoin chart – perfect moment to buy BTC

After a brief struggle between bulls and bears, the cryptocurrency market again rushed up. The influx of investments in digital assets took place against the backdrop of the rush of buying gold, Swiss franc and Japanese yen, which for many decades have been traditional instruments of protection against market risks.

The inclusion of the risk off mode on the stock exchanges was due to fears related to the fall in the global economy to negative values and the ongoing trade war between the United States and China. This week, the Chinese authorities lowered the national currency, which had a positive effect on the growth in demand for the first cryptocurrency.

In his latest video sunnydecree, a popular crypto blogger from Switzerland (more than 100 thousand subscribers on YouTube) said that now the so-called bull pennant figure has formed on the bitcoin chart and this is “the perfect moment to open a long position”.

A bull pennant is a trend continuation figure, indicating a pause in the price movement halfway to the end of a strong uptrend, providing a convenient opportunity for the long to open before the second half of the price increase.

Bull pennants are formed immediately after a sharp rise in price and have the shape of a triangular flag formed by price fluctuations up and down each time with lower highs and higher lows. Then the rise continues approximately the same amount as in the first phase.

At the same time, the crypto blogger warns that his position is not a recommendation for investment and he does not strongly recommend trading “by signals”, especially with leverage and especially if you yourself do not fully understand what you are doing.

In this transaction, the cryptoblogger opened a transaction at a market price (although he himself noted that it is better to use limit orders) at $ 11,814 with a liquidation price of $ 11,435 (leverage 25x), setting a stop loss at $ 11,590.

According to sunnydecree, he just wants to set an example of real trading with real risks (he estimates the success rate of the transaction at 75%) – unlike most analysts and the “YouTube crypto guru”, which give very bold forecasts and recommendations, but often themselves with practically nothing don't risk it.

Publication date 08/10/2019
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