This descending triangle is showing the holt to any momentum right now
However, according to Bukowski they break upwards 63% of the time, when at the top of a trend which it is
Also volume that slopes upward increas the chance that the shape will be a continuation pattern
On the 4HR chart this is not the case yet, but during the next few legs in the triangle this could change
If we break to the downside could finally see that 20-30% retrace back levels between 14k and 16.5k
If we break up could destroy the ATH's and see some price discovery!
Again not opening any positions yet, too early to tell, remember risk management is the key!
However, according to Bukowski they break upwards 63% of the time, when at the top of a trend which it is
Also volume that slopes upward increas the chance that the shape will be a continuation pattern
On the 4HR chart this is not the case yet, but during the next few legs in the triangle this could change
If we break to the downside could finally see that 20-30% retrace back levels between 14k and 16.5k
If we break up could destroy the ATH's and see some price discovery!
Again not opening any positions yet, too early to tell, remember risk management is the key!