We find ourselves within an ascending triangle,
Ascending triangles are a bullish formation that anticipates an upside breakout. meaning we have a higher bias to break out towards the upside,
In this situation the measured move, if the breakout is confirmed with volume, would be around the $40,300 zone.
This scenario would be incredibly bullish, as that would also push us out and above our previous symmetrical triangle, For which the target is in the region of $50,000!
However, this pattern also has a chance (although low 30%) to break towards the downside
If this is the case, we would retrace to our first zone at $34,000... which if this is the case, would push us down and below our symmetrical triangle, to which the lower target is $27,000.... I prefer the former (bullish bias).
Please be cautious, and don't jump into any trades unless they have been confirmed by volume, and a retest of the breakout line!
Ascending triangles are a bullish formation that anticipates an upside breakout. meaning we have a higher bias to break out towards the upside,
In this situation the measured move, if the breakout is confirmed with volume, would be around the $40,300 zone.
This scenario would be incredibly bullish, as that would also push us out and above our previous symmetrical triangle, For which the target is in the region of $50,000!
However, this pattern also has a chance (although low 30%) to break towards the downside
If this is the case, we would retrace to our first zone at $34,000... which if this is the case, would push us down and below our symmetrical triangle, to which the lower target is $27,000.... I prefer the former (bullish bias).
Please be cautious, and don't jump into any trades unless they have been confirmed by volume, and a retest of the breakout line!
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.
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.