Hello fellow traders
As you may see in the chart the price has formed a rising wedge.
The patterns likelihood of validity is fortified by its occurrence within the 5th wave.
Other indicators of making a breakdown more probable are (ordered descendingly by their weight) :
The patterns projected target is found around 45k
As you may see in the chart the price has formed a rising wedge.
The patterns likelihood of validity is fortified by its occurrence within the 5th wave.
Other indicators of making a breakdown more probable are (ordered descendingly by their weight) :
- the bearish divergence in the RSI (lower highs in it vs higher highs in price)
- the decline in volume within the pattern, and especially the volume of the candles which are forming the higher highs
- the inverted parabolic upper resistance (light blue curve)
- the state of the stoch RSI
The patterns projected target is found around 45k
Comment:
The analysis seems to hold. No sign of a reversal so far.
Comment:
Comment:
Quite a well matching fractal that seems to be in play here.
