the bottom trendline has been touched for three times.(19th May, 24th May, and 30th May). that's triple bottom.
the next day, the price bounced back from right on top of the trendline.
another day later, the price did not pull back to any near the line, leaving a handful space like the gray circled area.
as a result we have again higher lows but steeper this time.
meanwhile, we are continuously seeing lower highs, which does not necessarily mean a weaker trend. i would say it's lowering volatility. a contraction of volatility is a key to reverse a trend.
we had very wide volatility at the beginning, but now it's the least volatile time since then. the power of both bulls and bears are now relatively equal.
if the price goes above 38k, we have now higher high again. a breakthrough the upper trendline can mean a severe reversal.
short term target price is 42k.
the next day, the price bounced back from right on top of the trendline.
another day later, the price did not pull back to any near the line, leaving a handful space like the gray circled area.
as a result we have again higher lows but steeper this time.
meanwhile, we are continuously seeing lower highs, which does not necessarily mean a weaker trend. i would say it's lowering volatility. a contraction of volatility is a key to reverse a trend.
we had very wide volatility at the beginning, but now it's the least volatile time since then. the power of both bulls and bears are now relatively equal.
if the price goes above 38k, we have now higher high again. a breakthrough the upper trendline can mean a severe reversal.
short term target price is 42k.