The bears have been able to drive this market downwards at steadily lower up swings. And conversely, the bulls have not been able to drive this market past its previous swing highs since August 2022.
Although this chart pattern and price action behavior is suggestive of bearish dominance in this market. Although the price is trading below the key EMAs. The longer time frames and the RSI bullish divergence formed from July to October 2022, does not allow us to jump into conclusions as to how to form our bias.
More important perhaps than forming our bias here, is to register how neatly this pattern is being formed, from volatility to the lack of it. To the extent that the price is now trading in a very narrow range. To the extent that a breakout with conviction in either end of the triangle, now, will be a revealing signal of where this market wants to go.
Despite the sensation of control that any sort of analysis might lend you, please note that the future is unknown. For this reason, risk management is the real name of the game here. Remember to keep your positions small and dispersed.
Cheers,
Tenacious Tribe - Backtested Trading Strategies & Studies
50% discount on all of our products, in our website, with the following code:
MOX Q3C WXRX
Although this chart pattern and price action behavior is suggestive of bearish dominance in this market. Although the price is trading below the key EMAs. The longer time frames and the RSI bullish divergence formed from July to October 2022, does not allow us to jump into conclusions as to how to form our bias.
More important perhaps than forming our bias here, is to register how neatly this pattern is being formed, from volatility to the lack of it. To the extent that the price is now trading in a very narrow range. To the extent that a breakout with conviction in either end of the triangle, now, will be a revealing signal of where this market wants to go.
Despite the sensation of control that any sort of analysis might lend you, please note that the future is unknown. For this reason, risk management is the real name of the game here. Remember to keep your positions small and dispersed.
Cheers,
Tenacious Tribe - Backtested Trading Strategies & Studies
50% discount on all of our products, in our website, with the following code:
MOX Q3C WXRX
