Yesterday the volume was declining as price was going up which indicated that less buyers are coming in to push the price up and eventually priced dipped.
Now, the bulls have a second chance at trying to win this battle, but the bears are watching. The bears' DESCENDING TRIANGLE is looming in the background.
Chart Contents:
1. Falling Wedge (Bullish Bias)
2. Bullish Divergence
Upside Breakout Target: $8130 - $8260
Downside Breakout Target: $6611
Be Aware:
Daily Chart is bearish. Volume continues to decline.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Now, the bulls have a second chance at trying to win this battle, but the bears are watching. The bears' DESCENDING TRIANGLE is looming in the background.
Chart Contents:
1. Falling Wedge (Bullish Bias)
2. Bullish Divergence
Upside Breakout Target: $8130 - $8260
Downside Breakout Target: $6611
Be Aware:
Daily Chart is bearish. Volume continues to decline.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get wrecked with your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome. Be courteous.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
More Power To All Your Trades,
Ron (The Intrepid Trader)
Comment:
Check out the Pyramid or Diamond Chart Pattern
