There are three possible patterns in formation right now, two of the which would be bullish and one bearish. I'm not 100% on which one I'd pick so I'll present here the three cases.
At the moment I don't know where to lean because my gut says market are overreacting to this AI fuss so I stay open to any possibility and I'm not doing any margin trade, just buying what I think has potential.
Good luck
- [1] right-angled broadening wedge (the bullish case):
- check the following links https://www.forex-central.net/chart-patterns/right-angled-broadening-wedges.php and https://www.centralcharts.com/en/gm/1-learn/7-technical-analysis/27-chart-patterns/522-right-angled-descending-broadening-wedge
In this case we should expect a dump to the 86K levels and then a bounce back to breakout and push price to 125K:[2] right-angled broadening wedge (the bearish case): see the previous links for the examples. In this case the wedge support wouldn't hold breaking down and bringing price to the 75K area. Notice that the upper resistance of the wedge shows alsoa double top which is a very bearish pattern:
[3] descending channel retest: for this case I've used the coinbase's chart, it's just because the chart is less messy. As you can see the break out happened already days ago and this could be the retest of the previous R. This is a bullish case that would make price bounce to 109K
At the moment I don't know where to lean because my gut says market are overreacting to this AI fuss so I stay open to any possibility and I'm not doing any margin trade, just buying what I think has potential.
Good luck
I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
I do TA because I like and it seems at least 70% of my calls usually turn out to be true. If you wanna support me please donate some tradingview coin or check "about me"
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.