It's evident that we have a falling wedge pattern that looks accurate on the hourly and 4-hourly. The question is - will we break towards the upside or downside? On the larger time frames the RSI has been relieved and I think we're due for another run given the technicals and unchanged, superior fundamentals. There are two scenarios that I see playing out, both bullish.
Scenario 1 says we break out of the falling wedge to the upside, consolidate around the next resistance then head to the 47k mark.
Scenario 2 says we break the wedge to the downside, meeting a target of around 36k before continuing the rally back to 47k.
I personally still think scenario 1 will play out as you can tell from my previous posts.
What are your thoughts?
Scenario 1 says we break out of the falling wedge to the upside, consolidate around the next resistance then head to the 47k mark.
Scenario 2 says we break the wedge to the downside, meeting a target of around 36k before continuing the rally back to 47k.
I personally still think scenario 1 will play out as you can tell from my previous posts.
What are your thoughts?