Since volume keeps on diminishing and trading activity slows down due to narrowing prices I am trying to get the most positive scenario thus I am considering the possibility of being in a “Falling Wedge” Pattern:
The falling wedge pattern is characterized by a chart pattern which forms when the market makes lower lows and lower highs with a contracting range. When this pattern is found in a downward trend, it is considered a reversal pattern, as the contraction of the range indicates the downtrend is losing steam. When this pattern is found in an uptrend, it is considered a bullish pattern, as the market range becomes narrower into the correction, indicating that the downward trend is losing strength and the resumption of the uptrend is in the making. (Source)
If this pattern is triggered, the most likely result would be the continuation of the trend previous to the pattern, so UPTREND…towards 14000 USD.
But then, you have another pattern in formation, this time is the other face of the coin…
Yep, a very bearish pattern here, pointing towards 4800 USD.
In my opinion, nowadays we have a 50/50 chances on one of the both options so, very difficult to take a decision now… we have to wait for one of the two get triggered and follow the trend.
What about you?
Let’s see what is the opinion of the audience here.
I am curious to read what is your opinion about which of the two proposals are more likely to happen next. I will upvote all the comments on that regards.
Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this post nor myself is responsible of any of your profit/losses obtained as a result of this information.