A look at the 8 hour chart shows much of the same once more. Price remains above the moving average of the Bollinger Bands and continues toward the top band. That upper band is also nearing the Kijun line, which as we mentioned before, is likely to provide resistance at around $7840. The Bollinger Bands are squeezing tighter as price continues upward within the ascending channel which should signal a pop upward in price. We can see that RSI and %B are bullish at 57 and 0.7856, respectively, and both are moving within their own ascending channels, mimicking price well. MACD is all bullish, above centerline and the signal line. It is also worth noting that, after the very brief turn downward, MACD found support on the blue line which worked previously as resistance. A move into the 8 hour cloud would be an increasingly bullish signal on the overall price movement. Until then, we may see a drop toward the moving average of the Bollinger Bands before further movement up.
