What's up apes
I have prepared 3 different scenarios for monday, according to statistical chart pattern analysis using data from well respected thepatternsite.com . Have a look at the chart at the bottom of this post to see the different scenarios.
Scenario 1 (black drawings on the chart)
This scenario is the classical symmetrical triangle breakout. According to the pattern site, there is a 60% chance in average for this to happen. The target for this event is 87 usd. Your target may differ. According to the pattern site, in average, price moves 58% of the pattern height, measured from the breakout point. In the chart below, that would be around 87 usd.
Scenario 2: (green drawings on the chart)
This scenario is the busted pattern version, in which price breaks the lower support and then pulls back strongly, making a new high. In this case, my target is the upper red channel line again, which in the chart is around 93 – 100 usd.
Scenario 3: (blue drawings on the chart)
This scenario is bearish. Price breaks lower support and fails to make a strong pullback. In this case I expect the price to drop to a lower support level, which could be 30 usd or 25 usd.
Source of the data:
The targets are in no way final. If there is massive retail buying or selling, they could very well be exceeded. But watch the red lines for support and resistance.
Good luck everybody and have a great sunday!
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