The bull flag from my last analysis played out perfectly, so lets see what the current movement is showing us.
We currently have a (somewhat sloppy) ascending triangle, which is bullish. We are maintaining 4 hour higher lows and keep knocking on the door of $11,000.
Once we get a confirmed breakout and close a candle above that mark, we should get a test of our next level of major resistance around $11,500.
If we break bullish, we can expect to see the $12,700 range in the near future. If we break the triangle bearish, we will begin daily consolidation and test $10,000 support.
We have room to make another move up on the RSI, but there is also room for more consolidation. I personally think there is a 50/50 chance either way.
We will need to watch for a break of the triangle and increased volume for confirmation either way. Stay on your toes!
Please give this analysis a like and comment below!
We currently have a (somewhat sloppy) ascending triangle, which is bullish. We are maintaining 4 hour higher lows and keep knocking on the door of $11,000.
Once we get a confirmed breakout and close a candle above that mark, we should get a test of our next level of major resistance around $11,500.
If we break bullish, we can expect to see the $12,700 range in the near future. If we break the triangle bearish, we will begin daily consolidation and test $10,000 support.
We have room to make another move up on the RSI, but there is also room for more consolidation. I personally think there is a 50/50 chance either way.
We will need to watch for a break of the triangle and increased volume for confirmation either way. Stay on your toes!
Please give this analysis a like and comment below!
