Another move can be coming very soon after THIS level breaks
The bullish case:
1. Market structure: price action broke out of a bigger symmetrical triangle on 9/9 but has still yet to be reached as there are still quite a bit resistance levels to get over. Price action is now apparently in a smaller bullish symmetrical triangle, which has a 60% chance of breaking upwards. The level it needs to break out of in order for this pattern to be seen as broken is currently at about 1.24, which is also where the 1HR 200 and 4HR 50 moving average is now. The measured move of the breakout upwards is about 1.35 USD.
2. RSI: not overbought in any timeframe from the 1HR to the weekly, so there's room for upward price action.
The bearish case:
1. The price action breaks downward at the apex of the triangle. If that case plays out, the measured move is about 1.1 USD. It's also possible that the price action continues to run in a tight range delaying a breakout
*These are purely my speculations and are not financial advice. You should always do your own due diligence before trading or investing.
1. Market structure: price action broke out of a bigger symmetrical triangle on 9/9 but has still yet to be reached as there are still quite a bit resistance levels to get over. Price action is now apparently in a smaller bullish symmetrical triangle, which has a 60% chance of breaking upwards. The level it needs to break out of in order for this pattern to be seen as broken is currently at about 1.24, which is also where the 1HR 200 and 4HR 50 moving average is now. The measured move of the breakout upwards is about 1.35 USD.
2. RSI: not overbought in any timeframe from the 1HR to the weekly, so there's room for upward price action.
The bearish case:
1. The price action breaks downward at the apex of the triangle. If that case plays out, the measured move is about 1.1 USD. It's also possible that the price action continues to run in a tight range delaying a breakout
*These are purely my speculations and are not financial advice. You should always do your own due diligence before trading or investing.