Potential Bullish Triangle Formation
Since January, price has been caught in a range between 2.5383/1.21545, forming a triangle pattern.
Also we can tell this by looking at the shorter term MA as its signally a flattening of direction. However the longer term MAs are still sloping upward
which suggest the trend is still going up.
From an Elliot Wave perspective, we could also be in a subwave 4 formation so a B/O above the trendline could be expected. Entries can be taken at the test of the TL, but more conservatively you could wait for a B/O of the upper trendline then retest to go long.
Of course price may do the complete opposite and breakout to the bottom.
Also we can tell this by looking at the shorter term MA as its signally a flattening of direction. However the longer term MAs are still sloping upward
which suggest the trend is still going up.
From an Elliot Wave perspective, we could also be in a subwave 4 formation so a B/O above the trendline could be expected. Entries can be taken at the test of the TL, but more conservatively you could wait for a B/O of the upper trendline then retest to go long.
Of course price may do the complete opposite and breakout to the bottom.
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.