As you can see, we've broken the ascending triangle bullish; however, it's on low volume. We were rejected from the next zone of major resistance at $11,500 as expected.
The bulls seem to be getting tired, but if we can break through the next level of resistance, there isn't much resistance between us and all time highs.
If bulls keep buying the dips and grinding higher, we will have enough fuel from the shorts covering to push higher. Right now, we have support above $11,000 at the top of the triangle.
Bulls need to consolidate quickly and push for continuation on this move. The uptrend is still very much intact, but be careful not to FOMO into this move as we may have reached a swing high.
The next few candles should tell us what we need to know. Breaking support of the triangle would be a red flag, and breaking resistance at $11,500 with increasing volume would be a buy signal for me.
Please like and share your thoughts below.
The bulls seem to be getting tired, but if we can break through the next level of resistance, there isn't much resistance between us and all time highs.
If bulls keep buying the dips and grinding higher, we will have enough fuel from the shorts covering to push higher. Right now, we have support above $11,000 at the top of the triangle.
Bulls need to consolidate quickly and push for continuation on this move. The uptrend is still very much intact, but be careful not to FOMO into this move as we may have reached a swing high.
The next few candles should tell us what we need to know. Breaking support of the triangle would be a red flag, and breaking resistance at $11,500 with increasing volume would be a buy signal for me.
Please like and share your thoughts below.
