This symmetrical triangle is a very important one. It will most likely decide whether we break below the range (see 4h idea below) or stay within it. If it manages a northern breakout, we may see price test the 38.2% Fibonacci level, which is near the middle of the range. The RSI and MACD are pointing north but the Bollinger Bands are showing weakness. If it does manage its way north beyond $135, I am hopeful we will see action near the top of the range at $160. However, let us not forget we're still in a bear market and fundamentals are not looking great. Set stops accordingly and wait for confirmation on breakouts.
Comment:
We have some procrastination happening, which could solidify the descending triangle forming. $117 (red line) is definitely a price point to watch for. Will be very interesting to see how this plays out. I would recommend staying out until we have a more actionable decision.
Comment:
A lackluster breakout has led to the formation of a small bull flag. There was a spike in volume but will it be enough to defeat the larger triangle? I'm betting yes but still keeping a close stop and watching for a breach below the bottom rising trendline, which may lead to it falling out of the range (bottom horizontal trendline). This market is walking on egg shells.
