I believe this descending triangle on the 4-hour aptly explains market movements.
The markets were completely bullish after the break on the 25th. Moreover, it again rose on the following Sunday re-establishing the belief. However, the bulls have been losing strength since then, hence the formation of the descending triangle.
As you might notice, I have ignored one wick on the upper side on 28th when price reached $9950. However, that was an isolated event motivated by CME due to the weekend gap. It hardly affected the sentiments.
The market looks prepared for a move either side, I would pay attention to a break from this triangle.
The markets were completely bullish after the break on the 25th. Moreover, it again rose on the following Sunday re-establishing the belief. However, the bulls have been losing strength since then, hence the formation of the descending triangle.
As you might notice, I have ignored one wick on the upper side on 28th when price reached $9950. However, that was an isolated event motivated by CME due to the weekend gap. It hardly affected the sentiments.
The market looks prepared for a move either side, I would pay attention to a break from this triangle.
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