The NOV/17 bull run has bounced from the Fib 0.618 key retracement level and now follow a sidway trend within a triangle pattern . The current Support Line proves significant strenght as it already rejected the sellers for a total of four times, which prevented any further drop.
We can expect the price level to bounce from this strong Support Line and to stay within the triangle pattern . The end of this pattern will require the market to make decision. A bearish scenario could cause a drop to the long term Support Line (9.000 USD) whereas a bullish breakout that is supportet by a possible MACD Cross is going to signal a continuation of the bull run.
BASIC, PLAIN and SIMPLE.
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We can expect the price level to bounce from this strong Support Line and to stay within the triangle pattern . The end of this pattern will require the market to make decision. A bearish scenario could cause a drop to the long term Support Line (9.000 USD) whereas a bullish breakout that is supportet by a possible MACD Cross is going to signal a continuation of the bull run.
BASIC, PLAIN and SIMPLE.
Liked this technical analysis? Follow me for more free technical analysis and high-quality content.
Telegram: t.me/@hodlgang_germany
Twitter: https://twitter.com/wesker_crypto
Steemit: https://steemit.com/@wesker
t.me/hodlgang_germany
@hodlgang_germany