Until bitcoin breaks one way or another we could trend sideways into mid October if this pattern was to play out?
Targets to the downside more possible given a continuation of this consolidation pattern ~ the upper target dependent on the break so more of an estimate!
Price is corrective towards the top of an descending channel and is forming an expanding triangle. Waiting for corrective price action before taking a short position on a third touch.
First target is 3% followed by a target of 9% to the lower outer structure.
I am currently not in this position but this is more of a test to identify market behaviour.
If Gold price to break out below the support level of the triangle there is a potential for it to have a shorter term pull back from its highs.
Possibly we are consolidating again within an "Ascending Triangle" ~ still quite a few days yet before confirmation.
Only day traders likely to play this so remaining neutral until larger resistance broken i.e. one one the larger trendline diagonals coming in $11500 & $9500.
GBPAUD has formed a acesding triangle on the 1HR and 4HR time frame and has broken the resistance that was previously tested and rejected successfully 4 times, price action looks to retest this previous resistance and flip to support. Price action is making higher highs showing a uptrend of price. On the 4hr time frame a dragonfly doji has formed showing an...
The (X),(W) levels are probably a good indication of above bullish and bearish respectively!
The respective targets for the ongoing formation of a symmetrical triangle being estimated as the break as yet not known.