on the daily TF i can see the consolidation that occurred a few months ago at the ATH, after this consolidation, price broke to the downside, forming a bearish trend line.
Over the last few days, price has broken through both parts of the major consolidation from a few months ago and also the major trend line formed. Price has since broken down to touch the major trend line at 17,500.
From a technical standpoint, an entry point at 17,500, aiming for a possible break to a new ATH is my expectation.
If i remember correctly, price formed this similar pattern when breaking the ATH of 60k, could this be a repeat?
Over the last few days, price has broken through both parts of the major consolidation from a few months ago and also the major trend line formed. Price has since broken down to touch the major trend line at 17,500.
From a technical standpoint, an entry point at 17,500, aiming for a possible break to a new ATH is my expectation.
If i remember correctly, price formed this similar pattern when breaking the ATH of 60k, could this be a repeat?
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.