The NOV/17 bull run has bounced from the Fib 0.618 key retracement level and now follows a sidway trend within a triangle pattern. The current Support Line proves significant strenght as it already rejected the sellers for a total of four times, which prevented any further drop.
We can expect the price level to bounce from this strong Support Line and to stay within the triangle pattern. The end of this pattern will require the market to make decision. A bearish scenario could cause a drop to the long term Support Line (9.000 USD) whereas a bullish breakout that is supportet by a possible MACD Cross is going to signal a continuation of the bull run.
BASIC, PLAIN and SIMPLE.
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We can expect the price level to bounce from this strong Support Line and to stay within the triangle pattern. The end of this pattern will require the market to make decision. A bearish scenario could cause a drop to the long term Support Line (9.000 USD) whereas a bullish breakout that is supportet by a possible MACD Cross is going to signal a continuation of the bull run.
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/@hodlgang_germany
Twitter: twitter.com/wesker_crypto
Steemit: steemit.com/@wesker
t.me/hodlgang_germany
@hodlgang_germany