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TECHNICAL ANALYSIS:
Since the beginning of November, the price has been following a nice ascending triangle pattern, as we can see in the chart the price bounced many times on the main trendline and got a rejection everytime it reached an important resistance zone at about 1.08694.
The price is actually very close to the dynamic trendline's support and the next price action around this level will be interesting to understand if the price will bounce or break the support.
CONCLUSION:
The ascending triangle pattern is usually but not always a continuation chart pattern.
I believe the price will bounce on the support and will continue until the breakout of the weekly resistance zone, in a daily perspective we still have a clear uptrend and this is an extra confirmation about the next movement.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the beginning of November, the price has been following a nice ascending triangle pattern, as we can see in the chart the price bounced many times on the main trendline and got a rejection everytime it reached an important resistance zone at about 1.08694.
The price is actually very close to the dynamic trendline's support and the next price action around this level will be interesting to understand if the price will bounce or break the support.
CONCLUSION:
The ascending triangle pattern is usually but not always a continuation chart pattern.
I believe the price will bounce on the support and will continue until the breakout of the weekly resistance zone, in a daily perspective we still have a clear uptrend and this is an extra confirmation about the next movement.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
