the 4 hour chart shows the same wedge formation going around of late. the price is getting squeezed towards the upper side of the local down channel we seem to be in. we could see a possibility for a long position if a rally breaks out towards the top of the longer term down channel we have been in since the all time high. however, be judicious when it comes to taking profits as the convergence of the 5-, 10-, and 20- day dema lines gives off some bearish vibes yet.
Comment:
then again, maybe we will get a break down instead:
Trade active:
30 minute chart on bitstamp shows a triple bottom around 9.4k with a bullish pennant pattern starting to form. look for another breakout:
Trade active:
we are now getting a decent attempt at completing the continuation pattern; look for a test of 11.2k. however, macd is converging and rsi is approaching overbought on multiple timeframes. watch for hard bounces and shorting opportunities around 10.6 k (weaker resistance) and 11 to 11.2 k (somewhat stronger). of course, this is not financial advice.