Looks like a breakout is likely to happen around mid april/early may. This can go both ways but i have my reasons to be still be bullish despite the current price action.
Right now we are moving down in a wedge.
This is likely to break to the upside when reaching the lower end, we might hit the closest resistance point and consolidate/slowly move down again.
However we should note that the pattern isn't exactly of a symmetrical triangle but rather resembles it a bit, as we have not made contact with the lower end of the uptrend channel more than once, this is making me think that we could be extending the dowtrend a bit more outside the pennant and make contact with the uptrend line and get closing candle at least twice before we get any real confirmation of anything.
There is a a general bearish sentiment, and we are still in a downtrend but i think that we can hit a reversal sooner rather than moving down to the beginning of the uptrend e.g moving down to the major support line(s) - blue lines.
So now we are waiting... And don't jump to any conclusions to fast, acknowledging that we are still under the bears control and trade with caution, Scalp trading with small position is best here before going in for a big long.
Right now we are moving down in a wedge.
This is likely to break to the upside when reaching the lower end, we might hit the closest resistance point and consolidate/slowly move down again.
However we should note that the pattern isn't exactly of a symmetrical triangle but rather resembles it a bit, as we have not made contact with the lower end of the uptrend channel more than once, this is making me think that we could be extending the dowtrend a bit more outside the pennant and make contact with the uptrend line and get closing candle at least twice before we get any real confirmation of anything.
There is a a general bearish sentiment, and we are still in a downtrend but i think that we can hit a reversal sooner rather than moving down to the beginning of the uptrend e.g moving down to the major support line(s) - blue lines.
So now we are waiting... And don't jump to any conclusions to fast, acknowledging that we are still under the bears control and trade with caution, Scalp trading with small position is best here before going in for a big long.
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4 Hour - closer look !
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1 H look
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Updated more paths/resistance and support on the 1H
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Tricky point. Looks like it wants to go up though.
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Better screen, removed the overlays from 1H timeframe :)
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Dont mind the price action below the red dashed line, the price MA is bouncing of it thats why its there. So i see a bounce coming soon :)
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Breakdown? HS
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The HS i posted earlier is breaking down, but we are still in the wedge that should produce some upside before the larger breakdown. Will update my analysis later.
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Looking at my previous chart, ”dropping the history bomb” it seems we are targeting the 300-250€ range before we will start the new bull cycle. Will be very Interesting to see if it holds up !!
Regarding the symmetrical triangle i am more bullish on it than bearish, the 0.236 fib retracement has acted kinda supportive throughout this correction and would be a pretty good entry IF you are willing to take the risk. We have yet to close below it, but we might before we are going up again and this is the scenario i see coming ahead of us. (A Close near 0.236 before breaking in any direction) and this is where the wedge is heading currently.