Slow and steady bullish trendline since late July with supporting Fibonacci levels. I expect another 7-10 days of lateral movement below the $4000 level followed by another energetic 2-3 day bull-run.
Note the falling wedge pattern that developed today. A falling wedge in a bullish trend is a great opportunity to scalp a few bucks (if you're an experienced trader, that is). I expect a breakout within the next 24 hours that will retest the $4000 level at minimum. Might blow right through it too, who knows? A common indicator that a falling wedge is about to breakout is falling volume as the market consolidates. A spike in volume after it breaks out is a good sign that a larger move is imminent.
Note the falling wedge pattern that developed today. A falling wedge in a bullish trend is a great opportunity to scalp a few bucks (if you're an experienced trader, that is). I expect a breakout within the next 24 hours that will retest the $4000 level at minimum. Might blow right through it too, who knows? A common indicator that a falling wedge is about to breakout is falling volume as the market consolidates. A spike in volume after it breaks out is a good sign that a larger move is imminent.