A break to the downside of the ascending wedge should target the 50% fib retracement, which coincides nicely with previous support/resistance at approximately 41k. If indeed this pattern holds, we should see a rally up to the 1.618 Fib extension during Q4 2021 at approximately 78.1k. A break of the 1.618 will lead to a rather sharp rally to the 2.618 at 100k.
That said, I am expecting short term bearish action in September, where we should put a 4-year cycle low in place before going higher
That said, I am expecting short term bearish action in September, where we should put a 4-year cycle low in place before going higher
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.