The current situation:
1. Market structure: price action got rejected at about 10.8K after the run up today, which was about where the daily 21 moving average is. This level does need to break before we can expect higher price action. However, the bulls may have an easier time passing through if the 12HR 50 moving average comes more towards the daily 21 daily so both of them can be broken together.
On the hourly, price action looks like it may be forming an ascending triangle pattern, which is a bullish pattern with a 63% chance of breaking upwards. The 15M 21 and 50 moving average is currently support, but I do not expect more buyers come in until the price action meets the hourly 21 moving average, which is currently at about 10.6K.
2. Volume: from the 12HR chart, it is clear that buyer volume is trending up with upward price action so this is a good sign for the bulls
3. RSI: the last high created on the RSI was about 79 so this is the reading the next higher high needs beat in order to negate bearish divergence, which may prompt a pullback.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Market structure: price action got rejected at about 10.8K after the run up today, which was about where the daily 21 moving average is. This level does need to break before we can expect higher price action. However, the bulls may have an easier time passing through if the 12HR 50 moving average comes more towards the daily 21 daily so both of them can be broken together.
On the hourly, price action looks like it may be forming an ascending triangle pattern, which is a bullish pattern with a 63% chance of breaking upwards. The 15M 21 and 50 moving average is currently support, but I do not expect more buyers come in until the price action meets the hourly 21 moving average, which is currently at about 10.6K.
2. Volume: from the 12HR chart, it is clear that buyer volume is trending up with upward price action so this is a good sign for the bulls
3. RSI: the last high created on the RSI was about 79 so this is the reading the next higher high needs beat in order to negate bearish divergence, which may prompt a pullback.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
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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.
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.