We find ourselves within an ascending triangle,
Ascending triangles are a bullish formation that anticipates an upside breakout. meaning we have a higher bias to break out towards the upside,
In this situation the measured move, if the breakout is confirmed with volume, would be around the $40,300 zone.
This scenario would be incredibly bullish, as that would also push us out and above our previous symmetrical triangle, For which the target is in the region of $50,000!
However, this pattern also has a chance (although low 30%) to break towards the downside
If this is the case, we would retrace to our first zone at $34,000... which if this is the case, would push us down and below our symmetrical triangle, to which the lower target is $27,000.... I prefer the former (bullish bias).
Please be cautious, and don't jump into any trades unless they have been confirmed by volume, and a retest of the breakout line!
Ascending triangles are a bullish formation that anticipates an upside breakout. meaning we have a higher bias to break out towards the upside,
In this situation the measured move, if the breakout is confirmed with volume, would be around the $40,300 zone.
This scenario would be incredibly bullish, as that would also push us out and above our previous symmetrical triangle, For which the target is in the region of $50,000!
However, this pattern also has a chance (although low 30%) to break towards the downside
If this is the case, we would retrace to our first zone at $34,000... which if this is the case, would push us down and below our symmetrical triangle, to which the lower target is $27,000.... I prefer the former (bullish bias).
Please be cautious, and don't jump into any trades unless they have been confirmed by volume, and a retest of the breakout line!