Bitcoin: Bearish Pennant On The Hourly Chart 🚨
Usually, I don't monitor sub-4H charts as I want to filter out the noise. However, during volatile and decisive moments like this, it is essential to use as much data as possible to support decisions.
Therefore, while the higher timeframes look very promising, the 1H chart sends some altering signals.
The chart clearly shows Bitcoin trading in a bearish pennant. This pattern usually has a higher probability of breaking to the downside and going below the initial low (below 50k in this case).
Certainly, the 1H chart is less reliable. However, I think it is still important to watch this pattern and consider it when making further decisions. Accordingly, this post is not about "fudding" but about drawing your attention to this chart when making decisions!
