Bitcoin Pennant Chart Pattern

Let's look at the 4 chart, we can see a pennant pattern. If the price breaks the resistance line of this pattern, we'll get a signal confirming further upward movement. The pennant will be realized as a continuation chart pattern and we we should expect for price movement to the target zone between 6700.00-6900.00 levels. Pending orders for buy can be placed at 5750.00 level. Stop orders must be placed below the pennant pattern at 5400.00 level. The main profit target is 6500.00 level. This trade looks rather risky, because MACD lines and ADX line climbed too high, and we can face with a short term retracement. If you don't want to take part in such risky trades, you should skip this signal or open long trades with less volume. Alternative variant: if the price breaks support line of pennant and drops below 5500.00 support level, we should expect for further downward movement to the support zone. It will give us a new trading opportunity.