Highest timeframe showing last weeks test of $9,700. This week’s candle has tested minor support @ $8,700 and since then momentum has been bullish. Expecting a will fill towards $9,700 and a break through our resistance once volume & momentum pickup.
Looking over at our trend timeframe we see price has formed an ascending triangle, after it’s impulse leg from $6,800 to $9,700. Price then retrace from $9,,700 to $8,700 and has remained in between since. Stochastic RSI showing momentum a bearish, although there are no confirmations of a reversal. Waiting for a breakout before taking a position.
Shifting over to our pattern timeframe we see price has remained inside our ascending triangle. Leaning toward bullish breakout. Double bottom formed inside triangle and above our support zone @ $8,700. Stochastic RSI showing momentum is bullish. Patiently leaning towards a breakout towards the upside.
Conclusion
Buy after price has broken out of pattern.
