Price has not yet closed below the Cloud, even during the big crypto sell off in early feb. On feb 11 it managed to close above the lower Cloud and is since in a consolidation within it. Today we can see a pinbar right at the Weekly pivot point and if it close above that level, 121.40, we might see another attempt to pierce the Cloud to the upside. The projected Cloud is still bearish, which will decrease the chances for an immediate push higher above it. The MACD indicator is bullish. Bulls would like to see a strong candle to the upside and close above the Monthly pp at 138.8 and the Weekly R1at 141.9 but will still be content with further consolidation and drifting higher inside the Cloud, awaiting a Cloud twist, which would align the energy and see a greater chance for follow through if a breakout higher happens. Only a close below 114.57 will shift focus to the downside were we have support at 105 and 94 and then 79.5-84 zone. Of course a break above the wide channel with a close, is desirable for bulls and as I see it, chances are higher for a break above if we see the current formed pinbar close like this. A close below the Weekly pp today would shift that bias to a test of the lower Cloud. Overall, price has recovered well since the low with over 100% and I think the current low at 63.6 will stand in the medium term at least.
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.