I have tried best to provide most possible scenarios in coming days
Make sure to read it carefully
Currently the price is confined in large falling wedge (which historically beaks upward in most cases) and a bear rising wedge (which historically breaks downward in most cases).
Let first read carefully the case for Falling Wedge
1. The black line is acting as a strong resistance along with the red line as short term resistance
2. The break through of black and red line with significant volume will open the doors for bulls to push the price upward
3. The yellow circle provide a confluence with falling wedge support where buyers can take more interest
4. A 3D candle close above black and red line is much more significant
The case for Rising Wedge
1. If the price fails to break falling wedge resistance, it might validate the rising wedge scenario
2. Failing to break falling wedge, the price can broke downward that can lead to next support (S2) where buyers should jump in
3. The rising wedge scenario will become invalidated with a 3D close above the red line
MY PERSONAL THOUGHTS
I am personally looking forward for the falling wedge scenario in near future
Thanks
Make sure to read it carefully
Currently the price is confined in large falling wedge (which historically beaks upward in most cases) and a bear rising wedge (which historically breaks downward in most cases).
Let first read carefully the case for Falling Wedge
1. The black line is acting as a strong resistance along with the red line as short term resistance
2. The break through of black and red line with significant volume will open the doors for bulls to push the price upward
3. The yellow circle provide a confluence with falling wedge support where buyers can take more interest
4. A 3D candle close above black and red line is much more significant
The case for Rising Wedge
1. If the price fails to break falling wedge resistance, it might validate the rising wedge scenario
2. Failing to break falling wedge, the price can broke downward that can lead to next support (S2) where buyers should jump in
3. The rising wedge scenario will become invalidated with a 3D close above the red line
MY PERSONAL THOUGHTS
I am personally looking forward for the falling wedge scenario in near future
Thanks