Ascending triangle breakouts are more likely during an uptrend.
They can also signal a trend reversal but the price must breakout the top horizontal line to confirm it.
The past week we failed to breakout the top of the triangle.
Coincidentally our indicator the hive was signalling a potential dump. This was also accurate the past time it signalled which is giving me more confidence on using the hive not only on daily but also 4hour timeframes during down trends.
The target of the breakdown is 31K which also coincides with CPR monthly first support.
It's important to mention that although the focus of this post is 100% technical there's very important world events going on driving this price action and the charts are just showing us how investors are unloading risk-on assets in preparation for the worst.
They can also signal a trend reversal but the price must breakout the top horizontal line to confirm it.
The past week we failed to breakout the top of the triangle.
Coincidentally our indicator the hive was signalling a potential dump. This was also accurate the past time it signalled which is giving me more confidence on using the hive not only on daily but also 4hour timeframes during down trends.
The target of the breakdown is 31K which also coincides with CPR monthly first support.
It's important to mention that although the focus of this post is 100% technical there's very important world events going on driving this price action and the charts are just showing us how investors are unloading risk-on assets in preparation for the worst.
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