The symmetrical triangle from the previous analysis morphed into a descending triangle. This descending triangle is indicating a bearish signal. But we can see that the upwards volume is increasing at the lower boundary of the triangle. Which is indicating that we will probably see a price increase in the next few hours. After the 'small' increase we will need to see if the buying pressure is strong enough to break the resistance of the descending triangle.
If the bulls are strong enough to break the resistance layer.. than we're probably entering a horizontal channel.
If the bulls are not strong enough then we might be on a way down..
If the bulls are strong enough to break the resistance layer.. than we're probably entering a horizontal channel.
If the bulls are not strong enough then we might be on a way down..
Nota
The triangle is not correctly (pixel perfect) aligned on the chart above. But if we would realign we would see that the upper boundary of the descending triangle has been hit.Nota
The bulls were able to break the triangle resistance. Right now we're heading towards the upper boundary (+/- 0.255 to 0.256) of the channel. I expect the price to bounce, as this is an important resistance level. We have channel and fibonacci resistance around this level.
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