Several weeks ago, I wrote about a chart pattern forming in Bitcoin
The chart below shows the pennant pattern on Bitcoin’s daily chart:
The chart below shows the pennant pattern on Bitcoin’s hourly chart:
Bitcoin’s weekly chart shows the recent breakdown from the descending triangle and the next support level of $10,000, which should act as a price target if the crypto bear market continues:
A similar pennant pattern in forming in Ethereum on the daily chart:
Ethereum’s hourly chart shows the pennant in greater detail:
For now, I am waiting to see if Bitcoin and Ethereum will break down from their pennant patterns with heavy volume for confirmation. If a breakdown occurs, it will likely signal that another wave of the crypto winter or crypto bear market is ahead. Such a breakdown would likely coincide with additional scandals in the crypto world along with a serious loss of confidence as investors and traders jettison cryptocurrencies and related investments.