It's quite clear that consolidation is happening inside the triangle.
Here are the reasons why it will most probably break up and not down:
- we have strong support from previous top (possibility of a false break down)
- support is stronger due to additional Fibonacci levels, that worked nicely as support before (colored lines)
- convergence on indicators is clear (higher lows on 4h)
- we have similar movements as on previous lows (check WT_CROSS from LazyBear)
- MACD spike on 1day graph was strong so the probability of local bottom is high (last spike down)
- CCI is similar to previous dips (azure blue)
- it will follow the market which is set by BTC that is bullish ATM
I've also put down some resistances with first target RWR ratio if you want to play it really short term.
If you like my work put like button so I will post more of it publicly.
Thank you very much for your support!
Enjoy!
PS: It's just an idea. It's not investment advice!
Here are the reasons why it will most probably break up and not down:
- we have strong support from previous top (possibility of a false break down)
- support is stronger due to additional Fibonacci levels, that worked nicely as support before (colored lines)
- convergence on indicators is clear (higher lows on 4h)
- we have similar movements as on previous lows (check WT_CROSS from LazyBear)
- MACD spike on 1day graph was strong so the probability of local bottom is high (last spike down)
- CCI is similar to previous dips (azure blue)
- it will follow the market which is set by BTC that is bullish ATM
I've also put down some resistances with first target RWR ratio if you want to play it really short term.
If you like my work put like button so I will post more of it publicly.
Thank you very much for your support!
Enjoy!
PS: It's just an idea. It's not investment advice!
Comment:
Classical breakout retest going on.
We have broken the stronger support (red line), now retesting the second one (black).
Let's see if it goes in the first try already.