What are the potential price targets when a pennant pattern breaks out in the crypto market?

3 answers

• Dec 16, 2021 · 3 years ago
  When a pennant pattern breaks out in the crypto market, there are several potential price targets that traders should keep in mind. The first target is often the height of the pennant pattern itself, which can be measured by taking the distance from the start of the pattern to the breakout point and adding it to the breakout price. Another common target is the previous swing high or low, depending on the direction of the breakout. Traders may also look at Fibonacci retracement levels or psychological price levels as potential targets. It's important to note that these targets are not guaranteed and should be used as guidelines rather than strict predictions.
  666333
• Dec 16, 2021 · 3 years ago
  So, when a pennant pattern breaks out in the crypto market, you gotta keep your eyes on the prize! There are a few potential price targets that you should consider. One option is to measure the height of the pennant pattern and add it to the breakout price. This can give you an idea of how far the price could potentially move. Another target to watch out for is the previous swing high or low. If the breakout is to the upside, the previous swing high could act as a resistance level. On the other hand, if the breakout is to the downside, the previous swing low could act as a support level. And don't forget about those Fibonacci retracement levels! They can provide additional price targets to consider. Just remember, these targets are not set in stone and the market can always surprise you!
  798266
• Dec 16, 2021 · 3 years ago
  When a pennant pattern breaks out in the crypto market, traders often look for potential price targets to help guide their trading decisions. These targets can vary depending on the specific market conditions and the timeframe being analyzed. One common approach is to measure the height of the pennant pattern and project it from the breakout point. This can provide a rough estimate of how far the price could potentially move. Traders may also look at key support and resistance levels, such as previous swing highs or lows, as potential targets. Additionally, Fibonacci retracement levels can be used to identify potential price targets. It's important to remember that these targets are not guaranteed and should be used in conjunction with other technical analysis tools and indicators.
  792198