Was hoping to get a conversation going by just posting an image and short caption but apparently I need to provide some more details so here goes.
Please note this is just an opinion and not financial advice and is for entertainment purposes only
So this formation is known as a "bull flag" as it looks like a flag pole with a flag opening out. Typically these are bullish formations as the price has gone up due to either a large quantity of buys or a "short squeeze" but sellers have not sold afterwards to there is price accumulation across the range of the "flag" (in this case from about $29600 to $31400).
At the same time the RSI on the daily has reset to lower levels and volume has decreased.
These three factors usually mean another move to the upside at some point in the near future.
Like anything in trading there is no guarantee though so let's see what happens in the next few days.
What do you think? Big upside move coming or bull trap?
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