I shifted to a time scale graph for this one.
The falling wedge pattern is clear to one's eyes. The sentiments also reflect that the buyers are stepping in more quickly than the bears would ideally want. Are we primed for a break-out? I think sure. But here are a couple of scenarios that could take place.
If we break-out from the pattern now I would target above $8k easily. A restest of $7800 will be a good time to buy.
However, if it breaks below it, $5300 should be inevitable. Nevertheless, I would expect a bounce from that level again. However, I would buy again at the entrance of the wedge.
Well, I think that is how its' panning out for now. Feel free to share your thoughts on it.
The falling wedge pattern is clear to one's eyes. The sentiments also reflect that the buyers are stepping in more quickly than the bears would ideally want. Are we primed for a break-out? I think sure. But here are a couple of scenarios that could take place.
If we break-out from the pattern now I would target above $8k easily. A restest of $7800 will be a good time to buy.
However, if it breaks below it, $5300 should be inevitable. Nevertheless, I would expect a bounce from that level again. However, I would buy again at the entrance of the wedge.
Well, I think that is how its' panning out for now. Feel free to share your thoughts on it.