HELLO ALL AND GOOD MORNING TO EVERYONE!
In the last update we went over a broader view as well as the 4H bullish divergences with the RSI and MACD that is taking place. From the RSI trend we can see that we have potentially more to go with upside movements granted the trend does not break. We would also look to make sure our MACD does not turn negative for this bullish divergence to continue.
On the 1H price attempted the resistance line on this descending channel and produced a head and shoulders pattern with the breakdown target into this demand zone between $6,600 and $6,700. A strong bounce up from this area would likely indicate the 4H bullish divergence has not yet played out in its entirety and will equate to a breakout of this descending channel at or around the previous high of $7,450.
This is my opinion and not trade advice.
In the last update we went over a broader view as well as the 4H bullish divergences with the RSI and MACD that is taking place. From the RSI trend we can see that we have potentially more to go with upside movements granted the trend does not break. We would also look to make sure our MACD does not turn negative for this bullish divergence to continue.
On the 1H price attempted the resistance line on this descending channel and produced a head and shoulders pattern with the breakdown target into this demand zone between $6,600 and $6,700. A strong bounce up from this area would likely indicate the 4H bullish divergence has not yet played out in its entirety and will equate to a breakout of this descending channel at or around the previous high of $7,450.
This is my opinion and not trade advice.
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.
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.