We can see this rising wedge being formed after the recent uptrend. Whether this pattern is being formed after an uptrend or a downtrend, the expected outcome is always to the downside with the target being the bottom of the wedge.
As we can see, the bottom of the wedge ( around 34.2k) falls in line with the 0.618 fib retr level , so after 11 days to the upside, this might be a considerable retracement point. It could ofcourse very well be the 0.5 level instead (around 35.8k) , or the 0.382 ( around 37.4k) but i guess we'll have to wait and see...
Happy trading !
As we can see, the bottom of the wedge ( around 34.2k) falls in line with the 0.618 fib retr level , so after 11 days to the upside, this might be a considerable retracement point. It could ofcourse very well be the 0.5 level instead (around 35.8k) , or the 0.382 ( around 37.4k) but i guess we'll have to wait and see...
Happy trading !