Peaks are getting lower while troughs are staying flat. Classic triangle pattern.
Volume is obviously consolidating, no funny business there. But the RSI is diverging, giving a signal that the breakout will be bullish.
The candlesticks are getting close to the long term trend line in the same place as the triangle breakout, which means the price is nearing a strong support with a lot of buying pressure. Definitely not a coincidence :)
Conclusion: In my eyes I see consolidation with a lot of bullish signals. Do remember that I'm on the hourly chart which means TA will always be more unreliable than on daily or weekly, so take this play with a higher risk.
Anyways do your own research before jumping on anything. Thank you :).
Volume is obviously consolidating, no funny business there. But the RSI is diverging, giving a signal that the breakout will be bullish.
The candlesticks are getting close to the long term trend line in the same place as the triangle breakout, which means the price is nearing a strong support with a lot of buying pressure. Definitely not a coincidence :)
Conclusion: In my eyes I see consolidation with a lot of bullish signals. Do remember that I'm on the hourly chart which means TA will always be more unreliable than on daily or weekly, so take this play with a higher risk.
Anyways do your own research before jumping on anything. Thank you :).
Comment:
Long term trendline:
