Bullpennant has morphed into full ascending triangle at its apex
No longer a bull pennant but instead a full on ascending triangle. It has found strong resistance at the top trendline of the triangle and needs to close above 8960 for a breakout. We have cut above the psychological resistance of 9,000 a few times now and if we can close above 9,000 and flip 9,000 from resistance to support then I belie the bull run will then only jsut be getting started...a breakout up form this ascending triangle should give us enough bull momentum to break above the current 1 day charts rising wedge we are in which is the biggest threat the bears have in the arsenal right now to halt this bull run. the 8960 resistance is a resistance we've met several times in the past if you look to the left of the chart so it will definitely be a challenging one to surpass but for now probability still favors a break upwards and thus so do I...while at the same time I am completely prepared for the exact opposite outcome. Stay vigilant, make smart stop losses and you choose your own path because this is not meant to be financial advice. Thanks for reading and good luck!
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if we happen to break downward from this ascending triangle it could drop us all the way down to 8463...and if we closed to many 4 hour candles down there we would break under the rising wedge as well which would lead to more downside...so be careful this is a crucial pivotal point that could go either way
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currently seeing bearish divergence on both the 1hr and 4hr rsi charts as well as the 4hr rsi about to hit overbought conditions. Be cautious this next 4hr candle is going to be extremely pivotal.
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even though the 4hr rsi is showing bearish divergence and overbought conditions (divergence on 1hr rsi as well)....the 4hr stoch rsi just crossed the buy signal line over the orange line and has plenty of room to go upwards...I tend to trust the stoch rsi slightly more than the normal rsi but this is a super pivotal point where either direction is possible.
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current 4hr rsi seems to be inside a rising wedge which wont meet its apex until alte may s3.amazonaws.com/tra...shots/b/BB3DiDby.png
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*late*
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It seems the ascending triangle's trendlines fit more accurately on the bodies than the wicks now here is the adjusted look: s3.amazonaws.com/tra...shots/q/Q4AyTiXB.png
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if the wicks however are dictating the triangles trendlines it will look more like this: s3.amazonaws.com/tra...shots/r/rP7Eqbgf.png
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if the bodys are determining this triangles trendlines then we have just closed under the triangle...would still need 1 additional 4hr candle close or a big surge in bear volume to confirm that breakout though...lets hope it is the wicks dictating this triangles trendlines though if so we are still inside the triangle...the bearish divergence on the rsi does concern me though.