{"id":338491,"date":"2021-09-13T10:00:00","date_gmt":"2021-09-13T07:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/"},"modified":"2021-09-13T10:00:00","modified_gmt":"2021-09-13T07:00:00","slug":"bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/","title":{"rendered":"# Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_85 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a368b1c3d39f\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a368b1c3d39f\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/#Stocks_due_for_rebound\" >Stocks due for rebound<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/#Spot_price_sags_further_below_bullish_metrics\" >Spot price sags further below bullish metrics<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/#%E2%80%9CDancing_with_2017%E2%80%9D\" >&#8220;Dancing with 2017&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/#New_all-time_high_for_monthly_illiquid_supply\" >New all-time high for monthly illiquid supply<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/buradabiliyorum.com\/en\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\/#Where_once_was_greed_now_comes_fear%E2%80%A6\" >Where once was greed now comes fear&#8230;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) starts a new week in a precarious place \u2014 below $45,000 and below some key moving averages. What&#8217;s next?<\/p>\n<p>Almost a week after a cascade of leveraged position unwinding forced the market to $42,800, Bitcoin has erased most of its subsequent recovery.<\/p>\n<p>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 help traders to anticipate what the next move could be.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Stocks_due_for_rebound\"><\/span>Stocks due for rebound<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Stocks are expected to perform better this week after selling pressure added to Bitcoin\u2019s woes in the first half of September.<\/p>\n<p>With a red week behind them, expectations are that equities will now rally, continuing a trend which had characterized markets since the Coronavirus crash in March 2020.<\/p>\n<p>\u201cExpecting equities to bounce this week and provide some relief for Bitcoin,\u201d Charles Edwards, CEO of investment manager Capriole, <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/caprioleio\/status\/1436994643527340037\">forecast<\/a>.<\/p>\n<p>Bitcoin\u2019s overall relationship with macro trends has been increasingly called into question over the past year. Nonetheless, shocks to the system continue to influence BTC price action, as evidenced by the Federal Reserve Jackson Hole virtual summit earlier in September.<\/p>\n<p>\u201cThe world still sees Bitcoin as a risk on asset,\u201d Edwards <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/caprioleio\/status\/1436975278962708481\">added<\/a> in comments alongside a comparative chart. <\/p>\n<blockquote><p>\u201cAlmost every Bitcoin correction in 2021 has correlated with a S&amp;P500 correction of -2% or more.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/7b95f434-4d2c-42de-997e-386eb2d99465.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD vs. S&amp;P 500 annotated chart. Source: Charles Edwards\/ <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/social-mediaa\/\" data-internallinksmanager029f6b8e52c=\"1\" title=\"Social Media\" target=\"_blank\" rel=\"noopener\">Twitter<\/a><\/em><\/figcaption><\/figure>\n<p>On the flipside, strong stocks may serve to keep the strength of the U.S. dollar in check, something which also gives Bitcoin more room to breathe.<\/p>\n<p>The U.S. dollar currency index (DXY) saw a brisk move towards 93 last week before halting to consolidate its gains, a process which continues. <\/p>\n<h2><span class=\"ez-toc-section\" id=\"Spot_price_sags_further_below_bullish_metrics\"><\/span>Spot price sags further below bullish metrics<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Macro moves could be the deal breaker when it comes to this week\u2019s BTC price trajectory, forecasts argue.<\/p>\n<p>After ranging over the weekend, Sunday saw last-minute volatility which ended in BTC\/USD slipping below $45,000.<\/p>\n<p>With spot traders <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/Pentosh1\/status\/1437236520189054977\">hedging their bets<\/a> on more downside, there has arguably never been a bigger disparity between on-chain metrics, adoption phenomena, and price.<\/p>\n<p>\u201cStablecoin liquidity increasing, bitcoin on exchanges hit a 3-year low, normies awaken,\u201d Moskovski Capital CEO Lex Moskovski <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1437054093315514372\">summarized<\/a>. <\/p>\n<blockquote><p>\u201cIf macro doesn&#8217;t sh*t the bed, the next leg up is programmed.\u201d<\/p><\/blockquote>\n<p>Moskovski later added that macro markets had indeed begun the week in the green and that stablecoins, not used as shorting collateral, made a clear bullish argument.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Stablecoins are at all time high and not used as a collateral for shorts.<\/p>\n<p>Legacy finance opened green.<\/p>\n<p>What is your thesis for selling, soldier? <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/J2PMtsRVWn\">pic.twitter.com\/J2PMtsRVWn<\/a><\/p>\n<p>\u2014 Lex Moskovski (@mskvsk) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/mskvsk\/status\/1437301856250875906?ref_src=twsrc%5Etfw\">September 13, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>As Cointelegraph reported, current estimates eye $43,000 and $38,000 as potential price floors, with a rebound from such levels still possible\u00a0despite being well below important moving averages.<\/p>\n<p>September has been a historically poor-performing month for Bitcoin, and as such, price predictions favor the \u201creal\u201d upside to recommence from October onwards.<\/p>\n<p>\u201cRemember more often than not bitcoin has a red month in September and a big price move in Q4,\u201d popular Twitter account Lark Davis <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/TheCryptoLark\/status\/1437291985300168706\">told followers<\/a> Monday. <\/p>\n<blockquote><p>\u201cBTC can still hit 100k by end of year.\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/66fe3363-e91f-48b8-b5bb-f4c05f9e1413.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<p>Nonetheless, veteran trader Peter Brandt is sounding the alarm \u2014 at least for the time being. <\/p>\n<p>\u201cThere is a name for this chart pattern. Anybody want to take a guess what it\u2019s called?\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/peterlbrandt\/status\/1437231490430087168\">tweeted<\/a> alongside the daily chart showing what <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>ears to be a breakdown of a bearish pennant construction.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"%E2%80%9CDancing_with_2017%E2%80%9D\"><\/span>&#8220;Dancing with 2017&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s not all doom and gloom \u2014 when it comes to this halving cycle, Bitcoin this year is still \u201cdancing with 2017\u201d in terms of price gains.<\/p>\n<p>That\u2019s according to <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/decentrader.com\/charts\/bull-market-comparison\/\">data<\/a> from trading platform Decentrader, which this week signals that BTC\/USD in 2021 is still on track for the year after a block subsidy halving.<\/p>\n<p>\u201cDancing with 2017 at the moment,\u201d Decentrader analyst Filbfilb <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/filbfilb\/status\/1437109704484864001\/\">said<\/a> in comments over the weekend.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/ebfce2eb-f5bd-4b2f-b179-1b47050f1a27.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin bull run comparison chart. Source: Decentrader<\/em><\/figcaption><\/figure>\n<p>The chart shows the extent to which May\u2019s miner rout upended progress. Formerly between 2013 and 2017 gains, Bitcoin then dropped to forge a new lower paradigm in May, a trend which ultimately continues.<\/p>\n<p>As Cointelegraph reported, a \u201cdouble top\u201d phenomenon remains analysts\u2019 bet for how Bitcoin will round out 2021 \u2014 just like in 2013 and 2017 \u2014 with a price dip in between correlating to May\u2019s <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/trip-and-travel\/\" data-internallinksmanager029f6b8e52c=\"10\" title=\"Trip &amp; Travel\" target=\"_blank\" rel=\"noopener\">trip<\/a> to $29,000.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"New_all-time_high_for_monthly_illiquid_supply\"><\/span>New all-time high for monthly illiquid supply<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>A feature which has set last week\u2019s price dip environment apart from previous ones is investor behavior \u2014 everyone kept buying. <\/p>\n<p>Unlike the panic during episodes such as March 2020, last week saw excess supply dumped onto the market by speculators eagerly bought up by strong hands.<\/p>\n<p>According to statistician Willy Woo, every class of Bitcoin investors has either added to their positions or stayed neutral through the recent turbulence.<\/p>\n<p>\u201cWhales added recently. Minnows continue to stack. 10-1000 BTC holders mainly flat,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1436886237130878977\">revealed<\/a> Sunday alongside data from on-chain analytics firm Glassnode. <\/p>\n<blockquote><p>\u201cReserves held publicly reducing (mainly exchanges and ETFs reducing while corporates adding).\u201d<\/p><\/blockquote>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/e522e21f-8314-4b22-981f-4870225c37b5.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin supply distribution chart. Source: Willy Woo. Twitter<\/em><\/figcaption><\/figure>\n<p>If Bitcoin\u2019s supply is more in demand than ever, similar data reinforces the point. As analyst William Clemente noted, last week had little no impact on hodler patterns.<\/p>\n<p>\u201c93% of Bitcoin&#8217;s supply hasn&#8217;t moved in at least a month. This is an all-time high. Just another metric showing how bullish supply dynamics are,\u201d he <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/WClementeIII\/status\/1437072181524156417\">commented<\/a>, citing Glassnode data.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/0a4a1a70-f9b3-4ce5-9d05-8bd2837d77be.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin HODL waves annotated chart. Source: William Clemente\/ Twitter<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"Where_once_was_greed_now_comes_fear%E2%80%A6\"><\/span>Where once was greed now comes fear&#8230;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>It\u2019s all change for investor sentiment gauge, the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/alternative.me\/crypto\/fear-and-greed-index\/\">Crypto Fear &amp; Greed Index<\/a>, which this week is posting some curious data about market emotions.<\/p>\n<p><strong><em>Related:\u00a0Top 5 cryptocurrencies to watch this week: BTC, ALGO, ATOM, XTZ, EGLD<\/em><\/strong><\/p>\n<p>The dip to $42,800 slashed its readings from \u201cextreme greed\u201d to \u201cfear,\u201d a sentiment zone which lingered all the way until Sunday.<\/p>\n<p>As the weekend ended, however, the Index added some fresh \u201cgreed\u201d to the mix \u2014 despite price action actually falling further.<\/p>\n<p>At the time of writing Monday, Fear &amp; Greed stood at 44\/100 \u2014 still in \u201cfear\u201d territory \u2014 while BTC\/USD traded below $45,000.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-09\/9affb5c2-3534-43f0-ac44-46b22e6af985.png\"><figcaption style=\"text-align: center;\"><em>Crypto Fear &amp; Geed Index. Source: Alternative.me<\/em><\/figcaption><\/figure>\n<p>Funding rates across exchanges, being <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.bybt.com\/funding\/BTC\">slightly positive<\/a>, nonetheless do not discount the possibility of a \u201cshort squeeze\u201d boosting price performance.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bearish-pennant-breakdown-confirmed-5-things-to-watch-in-bitcoin-this-week\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bearish pennant breakdown confirmed? 5 things to watch in Bitcoin this week &#8221; Bitcoin (BTC) starts a new week in a precarious place \u2014 below $45,000 and below some key moving averages. What&#8217;s next? Almost a week after a cascade of leveraged position unwinding forced the market to $42,800, Bitcoin has erased most of&#8230;<\/p>\n","protected":false},"author":1,"featured_media":338492,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMDkvNWJlOTZmNGQtNzIxNC00OGMxLTgwODQtYzcyM2Y0MDBiNmNhLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785,70359],"class_list":["post-338491","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets","tag-stocks"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338491","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=338491"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/338491\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/338492"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=338491"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=338491"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=338491"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}