In that 
BCOUSD 240 minutes chart we can identify two opposite forces. On one side the momentum is correcting bullish attempts, on the other side Buyers are rescuing the price correction.
As shown in the chart step by step bullish bets managed to push the price up, one level after another level.
As we learned from Bill Williams the momentum is the last to show. It can explain why the quotation can have a so huge gap between the highs and the lows. Ultimately whatever the price action can be initiated by bullish bets my assumption is that it will correct. In addition because of the principle of velocity in financial markets also explained by B Williams, the more the quotation is distorted, the stronger is the momentum correction.
As I mentioned previously Bears and Bulls can share a common interest even if they have a disagreement on the value but an agreement to move the quotation at a common target level.
For that reason, my projection will be a potential swing on the upside with a break starting in the 63 region, a breakout that will enable the price action to make an incursion above the 64 figure followed by a strong correction, the depth of the correction depending on the price level reached.
BCOUSD 240 minutes chart we can identify two opposite forces. On one side the momentum is correcting bullish attempts, on the other side Buyers are rescuing the price correction.As shown in the chart step by step bullish bets managed to push the price up, one level after another level.
As we learned from Bill Williams the momentum is the last to show. It can explain why the quotation can have a so huge gap between the highs and the lows. Ultimately whatever the price action can be initiated by bullish bets my assumption is that it will correct. In addition because of the principle of velocity in financial markets also explained by B Williams, the more the quotation is distorted, the stronger is the momentum correction.
As I mentioned previously Bears and Bulls can share a common interest even if they have a disagreement on the value but an agreement to move the quotation at a common target level.
For that reason, my projection will be a potential swing on the upside with a break starting in the 63 region, a breakout that will enable the price action to make an incursion above the 64 figure followed by a strong correction, the depth of the correction depending on the price level reached.
Note
About the reversal zone that I am suggesting in the 64 zone, what we saw lastly is a very limited incursion above 63 after the quotation crossed above 62.8. It will be a fantasy to define with total accuracy the reversal point above 63 as it depends on volume. What makes me think about a potential further bullish attempt is the resilience against the momentum. I don't know the plan but the price action suggests there is one
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.