Sideways action continues with price consolidating between 2600 and lower green line; a hold here indicates that we're not completely bearish (yet).
Although I had mentioned this yesterday I'm still rather surprised that it followed through. The scenario itself could present a bullish breakout by preventing another significant convergence phase on D1. The breakout would likely take place by 3/17 at the latest (possibly within next 24hrs -> 3rd green off inverse hammer on D1).
It's good to note that there have been a number of failed attempts at 2600 so far. This is not always a negative sign; as with this case, price tends to hold more towards resistance with recoveries off support.
Although I had mentioned this yesterday I'm still rather surprised that it followed through. The scenario itself could present a bullish breakout by preventing another significant convergence phase on D1. The breakout would likely take place by 3/17 at the latest (possibly within next 24hrs -> 3rd green off inverse hammer on D1).
It's good to note that there have been a number of failed attempts at 2600 so far. This is not always a negative sign; as with this case, price tends to hold more towards resistance with recoveries off support.
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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.