Good morning, traders. Price action just got interesting this morning. H4 and D1 RSI are breaking bullishly through their resistance and volume has picked up noticeably. As a matter of fact, H4 RSI is now bullish at 56. Obviously we need to see follow through, and there is still another 2 hours left in this current candle, but volume is already nearing the same level of the previous candle's volume and price is attacking the green descending wedge's resistance. A successful breach through that green resistance, and continuation, provides a $3865 target. That is also at/near the top of the descending channel. As always, traders must be mindful of previous swing highs. We need to see candles closing above them, not wicking up and then closing below. This latter scenario results in a bearish SFP which should be an indication that price will reverse for a short time at the least. The 15 minute through H1 TFs are overbought signalling that we may see a bit of a pullback before further advancement but it's not guaranteed. Price's current location has the potential to result in strong FOMO that could keep those TFs overbought for a while. At this point, the two most important thing to watch are the H4 and D1 RSI levels. We want to see them both closing and remaining above their respective resistance levels because they are longer term resistance. I have added a few price range target tools to give traders an idea of targets based on patterns that are breaking bullishly. As long as they continue to do so, each target should continue to lead to the next higher target. Failure of follow through should have traders watching the bottom of the blue TR and the two dashed lines below it.
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.
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.