We have 4 hour 3-drive bullish divergence currently. Green and red boxes are liquid zones.
With all these targets, we have to take them level by level.
Target 1 is 8500
Target 2 is 8700
Target 3 is 8900. A daily close above 8900 will create a higher high on the daily timeframe, if this happens then we will likely retest weekly horizontal resistance at 9500. A weekly close above 9500 will create a weekly uptrend and start a new bull market
A 4 hour close below 8200 will lead to a support breakdown and likely to retest prior lows at 7700.
With all these targets, we have to take them level by level.
Target 1 is 8500
Target 2 is 8700
Target 3 is 8900. A daily close above 8900 will create a higher high on the daily timeframe, if this happens then we will likely retest weekly horizontal resistance at 9500. A weekly close above 9500 will create a weekly uptrend and start a new bull market
A 4 hour close below 8200 will lead to a support breakdown and likely to retest prior lows at 7700.
Note
Price rejected off the 21 EMA, meaning bullish divergence has likely played outNote
I would exit longs and wait for clarity. Cannot short until we start closing candles below 8200, preferably open and close.Note
Strong 4 hour close breaking 8500 resistance. Likely to test next resistance at 8700.Note
All 3 targets hit.
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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.