BTC ended up breaking down from the Pennant as the Bulls were unable to keep the price inside the formation. A sharp sell-off has occurred once the bottom of the Pennant got broken and BTC dropped down towards the previous low around 33k and made its way down to the low 32K area. The Bulls are now trying to reclaim 33K are, but this level is already acting as Resistance. If BTC gets rejected here, then a Bear-Flag could form. This will incentivize the Bears to make another attack which would have the potential to send BTC back down towards 30K. Join our Free Group here for more: https://t.me/eliteelliott

11Upvotes
3Reminds
thumb_upthumb_downchat_bubble

More from Crypto Elite Elliott

BTC ended up breaking down from the Pennant as the Bulls were unable to keep the price inside the formation.

53 views ·

ETH seems to be trading inside a large Pennant. The Bulls are trying to initiate a breakout to the upside right now however, the volume looks week, therefore, we are exercising cautions here as we don’t want to get involved in a Fake-out. Join our Free Group here for more: https://t.me/eliteelliott

55 views ·

For the last few days, BTC was struggling to get above the 38K Resistance Level as it has seen multiple rejections from it in the past, but as of today, a breakthrough has occurred. However, the price has not come back for a re-test to confirm this Level as Support. This is not a requirement for the price to carry on higher, but it would be a healthy move, especially because a Rising Wedge has formed, to show the market that the Bulls are back in town and they are ready to push the price higher. Join our Free Group here for more: https://t.me/eliteelliott

47 views ·

More from Crypto Elite Elliott

BTC ended up breaking down from the Pennant as the Bulls were unable to keep the price inside the formation.

53 views ·

ETH seems to be trading inside a large Pennant. The Bulls are trying to initiate a breakout to the upside right now however, the volume looks week, therefore, we are exercising cautions here as we don’t want to get involved in a Fake-out. Join our Free Group here for more: https://t.me/eliteelliott

55 views ·

For the last few days, BTC was struggling to get above the 38K Resistance Level as it has seen multiple rejections from it in the past, but as of today, a breakthrough has occurred. However, the price has not come back for a re-test to confirm this Level as Support. This is not a requirement for the price to carry on higher, but it would be a healthy move, especially because a Rising Wedge has formed, to show the market that the Bulls are back in town and they are ready to push the price higher. Join our Free Group here for more: https://t.me/eliteelliott

47 views ·