Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week
BTC spot price action looks gloomy on Monday, but as traders, analysts and more note, there are practically no reasons to be bearish on Bitcoin. Bitcoin (BTC) starts a new week in a precarious place — below $45,000 and below some key moving averages. What's next?Almost a week after a cascade of leveraged position unwinding forced the market to $42,800, Bitcoin has erased most of its subsequent recovery.The weekend produced little by way of a paradigm shift, and now, downside volatility is firmly in place. With BTC/USD down 13% in a week, Cointelegraph takes a look at five things that may....
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Chainlink (LINK) is flashing bearish signals as it forms a pennant pattern, hinting at a potential continuation of its downward trajectory. After struggling to gain bullish momentum, the price remains in consolidation, with sellers keeping a tight grip on the market. If this pattern plays out, LINK could be at risk of a steep drop, with key support levels facing increased pressure. Market sentiment appears cautious, as bulls attempt to hold the line against growing bearish momentum. A breakdown from this structure might accelerate losses, pushing LINK toward lower price zones. However, if....
Strongly bearish fundamentals act as tailwind to Avalanche's technically bearish setup. Avalanche (AVAX) gained 0.5% to reach over $31 on May 23 but AVAX price remains trapped inside a trading range that appears like a "bear pennant" structure.Avalanche could get buried technicals Bear pennants are bearish continuation patterns, i.e., they resolve after the price breaks out of them to the downside and then—as a rule of technical analysis—falls by as much as the height of the previous downtrend, also called "flagpole."AVAX is nearing a technical breakdown as its price moves toward the....
SOL price can preserve the bullish bias, however, as its two multi-month support levels converge for the first time. Solana (SOL) dropped on May 26, continuing its decline from the previous day amid a broader retreat across the crypto market.SOL price pennant breakdown underwaySOL price fell by over 13% to around $41.60, its lowest level in almost two weeks. Notably, the SOL/USD pair also broke out of what appears to be like a "bear pennant," a classic technical pattern whose occurrences typically precede additional downside moves in a market.In detail, bear pennants appear when the price....
ETH's price risks declining further despite rebounding over 20% in the last three days. Ethereum's native token Ether (ETH) looks ready to undergo a breakdown move in May as it forms a convincing "bear pennant" structure.ETH price to $1,500?ETH's price has been consolidating since May 11 inside a range defined by two converging trendlines. Its sideways move coincides with a drop in trading volumes, underscoring the possibility that ETH/USD is painting a bear pennant.Bear pennants are bearish continuation patterns, meaning they resolve after the price breaks below the structure's lower....
Prominent X market analyst Cryptododo7 has shared a bearish prediction on the Bitcoin market amidst an ongoing price rally. Notably, the premier cryptocurrency has moved from $75,000 to $86,000 over the past three days indicating a rising level of market demand. Despite this positive development, Cryptododo7 warns that the potential for a significant downside still exists. Related Reading: Is Bitcoin Price Returning To $74,000? Analyst Identifies Pattern That Suggests So Bitcoin Completes Bearish Pennant Formation – Price Fall To Follow? In a recent post on X, Cryptododo7 shares a....