The price looks to be consolidating in a choppy symmetrical triangle, which are considered to be continuation patterns.
Volume has been diminishing during this period of consolidation, so there is no sign of a reversal in my opinion and no impulsive moves to the upside.
WARNING: every time I trade based upon my reasonable expectation that a triangle will continue the trend, price moves in the opposite direction!!!
My target is a re-test of the July 17 low, but I'll be setting my buy orders a little above above this.
Volume has been diminishing during this period of consolidation, so there is no sign of a reversal in my opinion and no impulsive moves to the upside.
WARNING: every time I trade based upon my reasonable expectation that a triangle will continue the trend, price moves in the opposite direction!!!
My target is a re-test of the July 17 low, but I'll be setting my buy orders a little above above this.
Trade active:
I'm going to set some buy orders around $3100 - $3200 as I think we could bounce from there. But so far, so good. Too many people are now expecing sub $2k at this point so, knowing that the market never gives plebs what they want, I'm front-running my original target.