Hello, everyone!
The symmetrical triangle which I consider in our last analysis transformed into the ascending triangle. It can be transformed also in rising wedge, but now it’s the triangle and we are going to wait for the breakout.
As a result we have two scenarios:
1)Scenario 1 – the breakout to the upside target $44700. This scenario is possible, because we can see the growing number of short positions. Their stoplosses are more likely above than the previous local high at $44000. The market can take this liquidity and dump below $30000 after that.
2)Scenario 2 – the breakdown to the downside target $32000. In this case I expect the strong bounce at least to 40k if the bullish signal will be given.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
The symmetrical triangle which I consider in our last analysis transformed into the ascending triangle. It can be transformed also in rising wedge, but now it’s the triangle and we are going to wait for the breakout.
As a result we have two scenarios:
1)Scenario 1 – the breakout to the upside target $44700. This scenario is possible, because we can see the growing number of short positions. Their stoplosses are more likely above than the previous local high at $44000. The market can take this liquidity and dump below $30000 after that.
2)Scenario 2 – the breakdown to the downside target $32000. In this case I expect the strong bounce at least to 40k if the bullish signal will be given.
DISCLAMER: Information is provided only for educational purposes. Do your own study before taking any actions or decisions at the real market.
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