At the time I make this post, I'm a bit shock with the ability of the bulls when it can push to the higher resistance trend line of the contracting triangle at the rate where the bulls are "not to strong". The sudden huge volume that has occured, makes it at another pump with a sign of breaking out the resistance trend line.
With this action, I think it's pretty important to see the price breaks out of the upper line of the triangle, making my previous EW count become valid again and I do believe that the price might push to the higher region as well. For the contracting triangle it self, I do thing that it's becoming invalidated after this breaking out action. The only pattern that I can see during this movement is the truncated C flat wave (Wave C can't surpass the area of wave A) which is usually occurs at the highly bullish market.
The other reason is at the 4 hours chart, the RSI has broken out of the previous resistance and is trending above the 60 level which is entering the bullish zone as well.
I flip my previous short position into long at $9800 and targeting the $12000 as well before this month ends
With this action, I think it's pretty important to see the price breaks out of the upper line of the triangle, making my previous EW count become valid again and I do believe that the price might push to the higher region as well. For the contracting triangle it self, I do thing that it's becoming invalidated after this breaking out action. The only pattern that I can see during this movement is the truncated C flat wave (Wave C can't surpass the area of wave A) which is usually occurs at the highly bullish market.
The other reason is at the 4 hours chart, the RSI has broken out of the previous resistance and is trending above the 60 level which is entering the bullish zone as well.
I flip my previous short position into long at $9800 and targeting the $12000 as well before this month ends
