Symmetrical triangle on 1h chart
The descending wedge has been broken! This happened much earlier than I expected, but a win's a win. Looking forward, blue skies ahead.
It appears there is a textbook symmetrical triangle (continuation pattern) forming on the 1h chart. In addition, the RSI has dropped precipitously from over 95 to below 50, while the price has traded for the most part sideways. This is a good sign as it gives us room to stretch upward, while if it had stayed above 70 I would expect a drop. I expect the RSI to continue trending down to around 30, while the price continues consolidating within the triangle. A continuation to the upside towards 11,000 should follow once the triangle is broken late in the day today or tomorrow.
Looking at the volume, we see the Asian markets are still driving price action, with the biggest green volume spikes happening just as the Hong Kong market opens. As long as China stays hungry for coin, we are on a stairway to ATHs.
Anyway, this is not financial advice and you should do your own research.
It appears there is a textbook symmetrical triangle (continuation pattern) forming on the 1h chart. In addition, the RSI has dropped precipitously from over 95 to below 50, while the price has traded for the most part sideways. This is a good sign as it gives us room to stretch upward, while if it had stayed above 70 I would expect a drop. I expect the RSI to continue trending down to around 30, while the price continues consolidating within the triangle. A continuation to the upside towards 11,000 should follow once the triangle is broken late in the day today or tomorrow.
Looking at the volume, we see the Asian markets are still driving price action, with the biggest green volume spikes happening just as the Hong Kong market opens. As long as China stays hungry for coin, we are on a stairway to ATHs.
Anyway, this is not financial advice and you should do your own research.
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