Breakout upward from falling wedge target is around $6290
Updated
So far the bottom pink trendline of the large ascending pink triangle is holding strong support helping to lift the price action up out of the red falling wedge and above the t-line(in yellow). This break upward has a projected target of around $6290 however the bears are still well in control at that point. Since this was all a consolidation pattern and the direction is continuing upward, it may not count as a higher high until we reach 6.9k however seeing the price point break above 6.4k would be a welcome sign that we may see a continuation of the uptrend. I think it is possible we could continue to see the price action head towards the top of the pink ascending triangle to its top trendline but we will have to wait and see. For now at least in the short term until the 4hr stochrsi and rsi are overextended we will be going up at least temporariiy(to 6290)...in the longterm bears are still currently in control. So because of that dichotomy I'm leaving this idea neutral. Cheers. *not financial advice*
Note
A more zoomed out look at the larger pink ascending triangle pattern: s3.amazonaws.com/tradingview/snapshots/b/bNI2QAAO.pngNote
One key thing to note here is that though we currently have 2 4 hour candles above the falling red wedge..the breakout is not officially confirmed without this current confirmation candle closing above the wedge as well. Technically a fakeout is still in play....another reason I decided to leave this idea neutral instead of long. As long as the pink ascending trendline maintains support and we stay above the 4 hour t-line as well. Then the breakout should be triggered within the next two 4 hour candles.
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