Ascending Triangle
Daily chart, clear breakout of the Ascending Triangle on the friday on relativly good volume but nothing crazy... still in the summer doldrums. Resistance at fib 0.236 level
Bullcase:
Shortsellers liquidation levels are concentrated at around 70k and marketmakers are incentivized to run prices up to those levels to grab their bags.
Target:
71k, coincides with the range high
Entries:
Looking for a re-test in the zone between the triangle breakout and the fib 0.382 level
Bearcase:
Still relativly low volumes (summer doldrum with lower amount of market-participants) and moves can more easily be sold in to, gaining momentum downwards.
If price starts closing daily candles below $61500 I deem the Ascending Triangle pattern as weak and break to the downside is likely.
Target:
1st zone 60k (at the 0.5 fib level)
2nd zone 52k (at the 0.618 fib level)
Bullcase:
Shortsellers liquidation levels are concentrated at around 70k and marketmakers are incentivized to run prices up to those levels to grab their bags.
Target:
71k, coincides with the range high
Entries:
Looking for a re-test in the zone between the triangle breakout and the fib 0.382 level
Bearcase:
Still relativly low volumes (summer doldrum with lower amount of market-participants) and moves can more easily be sold in to, gaining momentum downwards.
If price starts closing daily candles below $61500 I deem the Ascending Triangle pattern as weak and break to the downside is likely.
Target:
1st zone 60k (at the 0.5 fib level)
2nd zone 52k (at the 0.618 fib level)
Note
correction: Bearcase
*1st zone 56k (at the 0.5 fib level)
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