update from rising wedge and things to note since:
we did see a breakdown but the buying pressure was too strong to see a pullback to the 53,000 level. a buy at any point after the breakdown would have been a good entry you can see the wicks on each of the lower candles showing strong support at these levels.
After breaking back into my channel TP1 was hit quickly and TP2 was $300 away from being hit, starting to see more wicks to the bullish candles showing a slow down in pace of the bulls, also a potential head and shoulders pattern could be forming on the 1hr. that is bearish short term but I believe it would be a healthy retrace, shake out weak hands and allow the bullish momentum to continue. price target is around the 52,400 level retracing perfectly to the support box.
bullish points: RSI seems to be retracing with not a lot of movement if we keep consolidating around these levels it will give the RSI more room for an upside move and if this can happen on Monday then it will invalidate the head and shoulders and hit TP2 (56,500) easily without hitting much resistance.
we did see a breakdown but the buying pressure was too strong to see a pullback to the 53,000 level. a buy at any point after the breakdown would have been a good entry you can see the wicks on each of the lower candles showing strong support at these levels.
After breaking back into my channel TP1 was hit quickly and TP2 was $300 away from being hit, starting to see more wicks to the bullish candles showing a slow down in pace of the bulls, also a potential head and shoulders pattern could be forming on the 1hr. that is bearish short term but I believe it would be a healthy retrace, shake out weak hands and allow the bullish momentum to continue. price target is around the 52,400 level retracing perfectly to the support box.
bullish points: RSI seems to be retracing with not a lot of movement if we keep consolidating around these levels it will give the RSI more room for an upside move and if this can happen on Monday then it will invalidate the head and shoulders and hit TP2 (56,500) easily without hitting much resistance.