Hey trader, I hope you having a profitable week.
As you can see the price is currently running in the double bottoms L1 and above the 50 and 8 MAs. It is getting ready to continue to rally for the double bottoms L2 and L3. But it will confirm that once the price has closed with a bullish candle.
This signal isn't derived from the daily timeframe only but from the weekly and monthly timeframes. The price closed with a bullish reversal candle pattern in the monthly double top accumulation phase, facing the 50 and 8 MAs that expect retests. Then on the weekly, the price formed a double bottom that has its current price running/retesting above the neckline and in between the short-term MAs, getting ready to rally for its 3-level uptrend.
So basically all the timeframes are looking to push the price up. However, that might not happen. With that in mind, do not take the trade because this isn't financial advice. I'm just sharing my thoughts with you. If you decide to take the trade and lose, don't blame me but yourself.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section below, I'd love to know your thoughts!
Stay Blessed Baby,
Sphatrades.
As you can see the price is currently running in the double bottoms L1 and above the 50 and 8 MAs. It is getting ready to continue to rally for the double bottoms L2 and L3. But it will confirm that once the price has closed with a bullish candle.
This signal isn't derived from the daily timeframe only but from the weekly and monthly timeframes. The price closed with a bullish reversal candle pattern in the monthly double top accumulation phase, facing the 50 and 8 MAs that expect retests. Then on the weekly, the price formed a double bottom that has its current price running/retesting above the neckline and in between the short-term MAs, getting ready to rally for its 3-level uptrend.
So basically all the timeframes are looking to push the price up. However, that might not happen. With that in mind, do not take the trade because this isn't financial advice. I'm just sharing my thoughts with you. If you decide to take the trade and lose, don't blame me but yourself.
That's it for today. I hope you found value in this article. If you have a different concept in mind, feel free to share it in the comments section below, I'd love to know your thoughts!
Stay Blessed Baby,
Sphatrades.
