Good morning, traders. I have been looking for something new to point out since yesterday but haven't really found much. Price has been consolidating at the upper end of the move up from yesterday. The dark black horizontal channel gives you the local TR. A close above the top of that TR should provide the target shown which is the EQ of the upper supply zone at around $4130-$4150.
My current thought is that if we get a pop up to that level, then we may see a retracement toward the EQ of the green zone on the D1 chart (around $3900) before potentially pushing through the dashed red descending resistance from the ATH. We may even have a smaller move up followed by one smaller move down. If the pop up and retracement described happens, then it is likely that we could see a pennant print which would provide a target of the 1.618 extension at around $4900-$4950 based on the height of the flagpole. Prior to that, we may see price targeting the 1.272 extension/R2 pivot on the way up ($4550-$4630) based on the height of the pennant.
H1 RSI is printing a flag, and a break through the flag's resistance should send price upward toward the initial target. Buyers continue to show their interest as RSI isn't getting much of a chance to cool down. This continued pressure as price nears the ATH diagonal resistance suggests that a move through that resistance would create strong bullish momentum overall. As always, we need to see it happen, as well as follow-through. Lower targets remain the same as yesterday but I am expecting the current TR to support price at this time. Beware of a possible bullish SFP printing if there is a sudden drop and price falls below the February 27th swing low. Based on the TR, that would likely print a Spring to create liquidity and move up through the resistance at the top of the TR. If you are looking to short, then you want to see a close below that swing low, at a minimum.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
My current thought is that if we get a pop up to that level, then we may see a retracement toward the EQ of the green zone on the D1 chart (around $3900) before potentially pushing through the dashed red descending resistance from the ATH. We may even have a smaller move up followed by one smaller move down. If the pop up and retracement described happens, then it is likely that we could see a pennant print which would provide a target of the 1.618 extension at around $4900-$4950 based on the height of the flagpole. Prior to that, we may see price targeting the 1.272 extension/R2 pivot on the way up ($4550-$4630) based on the height of the pennant.
H1 RSI is printing a flag, and a break through the flag's resistance should send price upward toward the initial target. Buyers continue to show their interest as RSI isn't getting much of a chance to cool down. This continued pressure as price nears the ATH diagonal resistance suggests that a move through that resistance would create strong bullish momentum overall. As always, we need to see it happen, as well as follow-through. Lower targets remain the same as yesterday but I am expecting the current TR to support price at this time. Beware of a possible bullish SFP printing if there is a sudden drop and price falls below the February 27th swing low. Based on the TR, that would likely print a Spring to create liquidity and move up through the resistance at the top of the TR. If you are looking to short, then you want to see a close below that swing low, at a minimum.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
