Hey guys. Just been observing a descending triangle pattern with a base at about 8700. There have been violations of the pattern on either side albeit larger on the bearish side.
It seems like this will be the final serious attempt at retaking $10000 mark and a close above $9600 with volume would suggest atleast a retest of the $9800-10000 range. This for me is the less likely scenario.
In my opinion it is more likely that price reverse off the descending trend line and retest the lows of this formation at about $8400. Following which we may bounce off the yellow trend line that comes of the weekly chart and include all the highs from the ATH. The top of this formation will hence not be reached.
I see this leg down taking us to a price in the $7600-7800 Range. Following which the yellow trend line at the bottom encompassing all the bottoms from the ATH. Might come into play in the low to mid $6000’s.
Just an opinion from a Novice. Please comment with ur opinions either way as both set of arguments allow me to improve in my analysis, which is of course my ultimate goal. Thank you guys ur support is appreciated.
It seems like this will be the final serious attempt at retaking $10000 mark and a close above $9600 with volume would suggest atleast a retest of the $9800-10000 range. This for me is the less likely scenario.
In my opinion it is more likely that price reverse off the descending trend line and retest the lows of this formation at about $8400. Following which we may bounce off the yellow trend line that comes of the weekly chart and include all the highs from the ATH. The top of this formation will hence not be reached.
I see this leg down taking us to a price in the $7600-7800 Range. Following which the yellow trend line at the bottom encompassing all the bottoms from the ATH. Might come into play in the low to mid $6000’s.
Just an opinion from a Novice. Please comment with ur opinions either way as both set of arguments allow me to improve in my analysis, which is of course my ultimate goal. Thank you guys ur support is appreciated.
