Major consolidation breakout setupIn the last consolidation breakout I posted I gave a 5 hour window for a breakout. Perfectly in the middle of that, 3 hours after posting, we got the huge drop from 7450 to 6950 on August 4th.
Now we have an even bigger setup for a breakout, with a smaller setup inside it. Our major trend lines converge 12 hours from now (01:00 UTC, 28/08), and our minor trend lines converge 5 hours from now (18:00 UTC, 27/08).
We've set alerts to execute longs if price crosses above the green line and shorts if price crosses below the red line, with these lines set just outside of our consolidation range. If we get a fakeout and price reverses we will be exiting at 6718, the tip of our minor green triangle. Otherwise we will be looking to ride a breakout in either direction for a 2-3 hour period and then re-assess, expecting heavy support/resistance around 6530 and 6890.
