We'll have to wait for another bounce off of the downtrend line to confirm, but it's starting to look like we're in a two month triangle which should resolve itself by around June 13th and would foreshadow a major move up or down.
If we blow through the downtrend line then we'll retest $9,735 and then $10k. If we break out the bottom trend line we're likely to retest $8k and then $7.5k.
Some may be tempted to swing trade within the triangle, but personally I think this is a bit too tight for comfort. This is an okay place to add a piecemeal position, but in general I'd suggest saving the larger money for when we have our break and get a confirmed signal.
If we blow through the downtrend line then we'll retest $9,735 and then $10k. If we break out the bottom trend line we're likely to retest $8k and then $7.5k.
Some may be tempted to swing trade within the triangle, but personally I think this is a bit too tight for comfort. This is an okay place to add a piecemeal position, but in general I'd suggest saving the larger money for when we have our break and get a confirmed signal.
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Risk of breaking down. Next 24hrs will be crucial.
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And down we go. Look for some support at 7.5k/