***Analysis***
What we are seeing is that there was an exhaustion move and a key support is still holding. MACD shows undersold and RSI is moving up after briefly being borderline oversold. I believe what this is is a earlier, but unconfirmed indication of another price jump. While $590 support is holding, we need to see the 3/1 gann line hold (which it ****LOOKS LIKE*** it ***LIKELY*** will). However, until we see a confirmation of volume I believe that there is still a risk the price falling back down to support of $554. Best case scenario, and the most likely course of action is the price will bounce between 2/1 and 3/1 gann lines, worst case scenario it will fall down to next fib support, then keep moving down. Based on how the price is moving now, and over the 1 hour charts, for a reversal and collapse of this rally we would most likely see it keep losing momentum by falling back to a new gann line followed by sideways movement, which I believe would be our early POSSIBLE indication of a reversal. Capitalization for emphasis on probabilities rather than guarantees. In summary we are seeing right now (and over the short term) an early but unconfirmed indication of it moving back up, and if that fails then the next price we should be looking at is $554.
***update on yesterdays idea***
I posted an idea yesterday stating that the price would correct. I am posting a new idea as a follow up instead of just updating my previous chart because I think my analysis needs to be re-evaluated. While I technically was not wrong since I have clearly stated that we would need to see how the price would react to the $590 support and 3/1 gann line to see where the price would go next, the price drop from the time I publish my idea to now was almost nothing and in all honesty I was expecting a bigger drop. I still stand by my previous statements that the trend is losing momentum, which is POSITIVE since we are on such a short time frame would want to see the price increase at a more reasonable rate.
What we are seeing is that there was an exhaustion move and a key support is still holding. MACD shows undersold and RSI is moving up after briefly being borderline oversold. I believe what this is is a earlier, but unconfirmed indication of another price jump. While $590 support is holding, we need to see the 3/1 gann line hold (which it ****LOOKS LIKE*** it ***LIKELY*** will). However, until we see a confirmation of volume I believe that there is still a risk the price falling back down to support of $554. Best case scenario, and the most likely course of action is the price will bounce between 2/1 and 3/1 gann lines, worst case scenario it will fall down to next fib support, then keep moving down. Based on how the price is moving now, and over the 1 hour charts, for a reversal and collapse of this rally we would most likely see it keep losing momentum by falling back to a new gann line followed by sideways movement, which I believe would be our early POSSIBLE indication of a reversal. Capitalization for emphasis on probabilities rather than guarantees. In summary we are seeing right now (and over the short term) an early but unconfirmed indication of it moving back up, and if that fails then the next price we should be looking at is $554.
***update on yesterdays idea***
I posted an idea yesterday stating that the price would correct. I am posting a new idea as a follow up instead of just updating my previous chart because I think my analysis needs to be re-evaluated. While I technically was not wrong since I have clearly stated that we would need to see how the price would react to the $590 support and 3/1 gann line to see where the price would go next, the price drop from the time I publish my idea to now was almost nothing and in all honesty I was expecting a bigger drop. I still stand by my previous statements that the trend is losing momentum, which is POSITIVE since we are on such a short time frame would want to see the price increase at a more reasonable rate.
Comment:
I posted this as a neutral idea because while I do see some bullish signals, there are bear ones too and it appears to be mixed. I would like to state that while I personally think it is more likely to break out up, it's just speculation and it could still just as easily break down as well.