Hello everyone! 馃攩
The last two days the market shows though not large, but recovery. The level from which the correction began is at 5520. If we now assume that this is the bottom and try to lead a trend line through it, then on the monthly chart we can consider a bullish wedge, the breakdown of the upper level of which will mark the beginning of a new uptrend.
At the moment, the upper level of the wedge is at 6200. Over time, this level will only decline, which means that the bulls need to keep the rate within the current values, while falling below 5500 (exchange level 5300) is no longer possible.
A drop below 5300 will open the target to 4200, and possibly even lower. The current market situation is very similar to the situation in 2013. Then the bulls without a particularly strong gust struck the upper level of the wedge, which began an upward trend.
Whether a new upward movement will start will be decided before December 12, when bakkt is scheduled to launch.
Also on a smaller timeframe formed a small upward channel. The lower level of which is 5610, now it is a support for bulls. The breakdown of this support will also lower the rate down by 25-100P. At the top of the local resistance level stands 5675.
A sell or buy signal will be the breakouts of the above levels.
All the easy trading and a nice weekend!
