Sideways action continues at 2600 neckline as multiple attempts of a breakout get denied.
There's a good chance we could dip back down to pattern support here, however on a positive note, this will soon extend above long-term trendline (solid purple).
This crossover indicates a much lower chance of a bearish breakout if the scenario above plays out, as long-term will now act as a 'low' versus a 'close' (stronger hold).
Note that consolidation within this ascending triangle is marked out until early-February (2/03), whereas the D1 pattern is marked until mid-February (2/14). This means we could see up to two more weeks of sideways action before higher volatility.
There's a good chance we could dip back down to pattern support here, however on a positive note, this will soon extend above long-term trendline (solid purple).
This crossover indicates a much lower chance of a bearish breakout if the scenario above plays out, as long-term will now act as a 'low' versus a 'close' (stronger hold).
Note that consolidation within this ascending triangle is marked out until early-February (2/03), whereas the D1 pattern is marked until mid-February (2/14). This means we could see up to two more weeks of sideways action before higher volatility.
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Related publications
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.