The pennant is another kind of chart formation. A pennant is also a flag, but the kind that looks like a sideways triangle (see below). When charting crypto prices, technical analysts look to pennant formations for bullish or bearish price signals.
In technical analysis, the difference between the flag and the pennant is that with flags the trend lines are horizontal, whereas pennant trend lines converge in the shape of its namesake, a triangular flag
Apart from the shape of the consolidation period, the pattern for a pennant is pretty much the same as the flag: There is an upward or downward movement, known as the flagpole, followed by a consolidation period marked by low trading volume that precedes a high-volume breakout.
Traders can try to take advantage of a bearish or bullish pennant. To take advantage of a bullish pennant, they might spot higher than usual trading volume in the initial breakout period – the pole.
##BinanceTournament #binancepizza #feedfeverchallenge #bitcoin
