Basically, a falling wedge has formed. The price is moving at the resistance level at 42.8k. If the price breaks out above this resistance level and above the falling wedge, bullish reversal is likely. In this case, look for an increase in volume to avoid a fake out.
Support can be found at 40k. If this support level is rejected, price will likely move down to the bottom of the falling wedge for one more wave. In this case, the next level of support can be found at the 37.5k region.
What do you think?
Support can be found at 40k. If this support level is rejected, price will likely move down to the bottom of the falling wedge for one more wave. In this case, the next level of support can be found at the 37.5k region.
What do you think?