Ascending wedge is a continuation pattern. The trend is downward. So it should break downward in the near term, but we're inside of a giant triangle, with a $7,000 floor. Which means the drop would be $700 or less. Upper limit is $8,800 and narrowing.
Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.
Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.
You can visit my previous bear call from May 8th here (under my previous screen name):
Volume in my chart highlights overwhelming bear or bull bias in trading, and while the price is climbing, its not overwhelming bull. Additionally volume is dropping. This makes the ascending wedge look like a bear flag.
Short term: Likely to revisit 7.1k, maybe even 7k. We may bounce up as high as 8.8k, but within 1-2 months the market should pick if we break upward or downward.
You can visit my previous bear call from May 8th here (under my previous screen name):
Dagangan aktif
Failure to bounce to the upper band can be taken as extremely bearish and that could cause the lower wedge to break down - dropping the price below $7,000.Dagangan aktif
... and asc wedge breaks down the following day.Dagangan ditutup: sasaran tercapai
Closed short after almost $300 price drop to take profit.Nota
We broke the lower wedge, so as expected, 7k is now toast. Nota
s/wedge/pennant
Penafian
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Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.