On the hourly we can see that a nice ascending triangle is forming.
1/ We have confirmed 3 touches on the support and multiple flush touches on the horizontal resistance. I anticipate that this will be a small breakout given the overall bearish market.
2/ Given previous price action we could potentially test 8.5k but this will depend on buying power. If you want to play it safe take profit at 8350 or 8450.
Give me a like, let me know what you think and give me a follow!
1/ We have confirmed 3 touches on the support and multiple flush touches on the horizontal resistance. I anticipate that this will be a small breakout given the overall bearish market.
2/ Given previous price action we could potentially test 8.5k but this will depend on buying power. If you want to play it safe take profit at 8350 or 8450.
Give me a like, let me know what you think and give me a follow!
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NB: if we fall out of the triangle, the trade would be void.
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Success!