Not much to analyse today as we continue to move sideways. The descending triangle I was concerned about a few days ago appears to be taking shape. Others consider this a bullish symmetrical triangle (continuation) however based on the strong resistance overhead as well as now breaking below the 50 MA, I consider it short-term bearish.
With a slightly different angled triangle for more accuracy, the target would be around $17.5K to the 200 MA that doesn't seem out the question before finding another bounce.
1 week no update. As a re-cap we had the breakdown from the descending triangle to $80 short of the measured move target ($17,580). Price now re-testing resistance after establishing a new support trend-line. A rejection would likely see a re-test of $18K strong support level, a break above would see new ATH.
The Daily RSI bearish divergence was broken yesterday, now we are testing the bullish territory of 60, similar to in June & September. It's possible price faces further rejection at this level, while at strong resistance, and takes longer to consolidate. As was the case previously when bullish divergence was broken and bullish territory was re-tested.
Price otherwise remains in a bullish ascending triangle structure with the resistance level between $19.5-$20K.
