Price on Bitstamp has been consolidating | 1hr time interval
For the past 36 hours, price on Bitstamp has been moving on a very narrow range, with an approximate average price value of $386.
Furthermore, since the top on the 14th of October, up to today, price has been forming a symmetrical triangle pattern. This is usually a sign of bullish continuation. Therefore, a closer look is required.
On the long side: Price must move out of the compressing $385-$388 zone that is between the 100MA support and 200MA resistance. If it finally decides to break to the upside, then $389 must be taken out with conviction. However, it must then pierce through the first resistance target, which is the 100MA Upper BB at $394.45. A break above this level will increase the odds for revisiting the 200MA Upper BB resistance at $405.
On the short side: A break below $381 will possibly lead price to test the 100MA Lower BB at $377. This is the first lower target and if it doesn’t hold, price may try to test the 200MA Lower BB at $372 or even lower.
https://i.imgur.com/zVk8KNE.jpg
Overall: Price has been stagnant. RSI has been offering positive support. MACD is on positive momentum, although, the recent bearish cross must fail in order to support a rally. Bollinger bands are compressing. Volume is decreasing, as it should before any breakout.
Outcome Probabilities:
Long: On a strong break above $389 – Max Price Target $405 | Probability: 39%
Neutral: Price Range $382-$388 | Probability: 34%
Short: On a strong break below $381 – Lower Price Target $372 | Probability: 27%
Our Stance: Waiting for a breakout to either direction.
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Topic: Another Symmetrical Triangle | Bitstamp - 1HR (Read 826 times)
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