We seem to be caught in a consolidation pattern, and this pattern has a bullish bias..
We are stuck in a bull pennant. If a bull pennant is formed after a pump, it is usually sign of a continuation towards the upside.
now, Price targets....
BULLISH BIAS
IF and only IF there is a 4hr close above the descending resistance line, and it comes back to retest it and use it as support, with VOLUME SUPPORT, can we say that the target is viable.
the breakout price target might seem a bit unrealistic at the moment, but its not. $49,400 is the area to go for if we confirm the breakout.
BEARISH BIAS
Not all the times a bullish pennant is formed, do we break out towards the upside, there is also a bearish scenario.
That scenario would be that we break down out of the pennant, Retest the support, and prove it as resistance, and then start to drop further towards the downside.
The target here would be around the $27,200 area. Although we do have one more converging trendline that could invalidate the downwards momentum.
Lets wait for the directional confirmation!
We are stuck in a bull pennant. If a bull pennant is formed after a pump, it is usually sign of a continuation towards the upside.
now, Price targets....
BULLISH BIAS
IF and only IF there is a 4hr close above the descending resistance line, and it comes back to retest it and use it as support, with VOLUME SUPPORT, can we say that the target is viable.
the breakout price target might seem a bit unrealistic at the moment, but its not. $49,400 is the area to go for if we confirm the breakout.
BEARISH BIAS
Not all the times a bullish pennant is formed, do we break out towards the upside, there is also a bearish scenario.
That scenario would be that we break down out of the pennant, Retest the support, and prove it as resistance, and then start to drop further towards the downside.
The target here would be around the $27,200 area. Although we do have one more converging trendline that could invalidate the downwards momentum.
Lets wait for the directional confirmation!