The ascending triangle is seen 3 weeks after the price drop from $9100.
Trading Setup
Bull Scenario:
Open limited position if the pair breakout the triangle.
Add more position when price breakout each 2 resistances at $ 7650 and $ 8500.
Currently trade above the EMA(20) and EMA(50) 4-hr candles, even with golden cross.
The pair tend to consolidate between $5600-$7000.
Bear Scenario:
The bears suppress the power of the bulls at $7000 down to $6600 in the last two candles.
Close any position if the pair breakdown the triangle.
If it is broken, huge negative.
Most likely will break the Support 1 at $ 5670, but the bull will likely defend aggressively the Support-2 level at $4500.
The volume transaction and the RSI trendline are declining, which indicates decreasing bull's power.
Trading Setup
Bull Scenario:
Open limited position if the pair breakout the triangle.
Add more position when price breakout each 2 resistances at $ 7650 and $ 8500.
Currently trade above the EMA(20) and EMA(50) 4-hr candles, even with golden cross.
The pair tend to consolidate between $5600-$7000.
Bear Scenario:
The bears suppress the power of the bulls at $7000 down to $6600 in the last two candles.
Close any position if the pair breakdown the triangle.
If it is broken, huge negative.
Most likely will break the Support 1 at $ 5670, but the bull will likely defend aggressively the Support-2 level at $4500.
The volume transaction and the RSI trendline are declining, which indicates decreasing bull's power.