In my previous idea, we had broken free from a descending channel and it appears to have confirmed. However, the downward volume trend and recent high at 4180 seems to have formed an ascending triangle. This could be good news but it's not time to celebrate yet.
Godmode is showing *weak* buy signals, we are above the cloud on longer time frames, but momentum is still to the downside despite the higher lows. Also, if we ignore the wicks for a moment (real bodies are the essence of the price movement), we can clearly see a rough bear flag formation. This is concerning as well.
It's entirely possible that we retest this lower trend line before making any more decent gains. However, if we go up from here, I would like to see a spike in volume for a possible lead-in to a bump and run that could drive prices to the 5k area after a breakout. If this happens there's not much resistance into 6k. Without a spike in volume, I will not have much confidence in an uptrend from here.
I think patience is important now. I am expecting the next move to be a decisive one.
Godmode is showing *weak* buy signals, we are above the cloud on longer time frames, but momentum is still to the downside despite the higher lows. Also, if we ignore the wicks for a moment (real bodies are the essence of the price movement), we can clearly see a rough bear flag formation. This is concerning as well.
It's entirely possible that we retest this lower trend line before making any more decent gains. However, if we go up from here, I would like to see a spike in volume for a possible lead-in to a bump and run that could drive prices to the 5k area after a breakout. If this happens there's not much resistance into 6k. Without a spike in volume, I will not have much confidence in an uptrend from here.
I think patience is important now. I am expecting the next move to be a decisive one.
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