Looks like we're making a break out of a descending wedge and broke above our 21 EMA on our short term 4hr chart. This is looking like a trade setup, the better option is to wait for a better entry if we can make a test for a Higher Low. We are currently holding 21 EMA support, so as long as that hold, we will most likely slowly creep up to test 45-50k. Our first area of resistance is 40-42k. Take Profit near top of pink channel so it all depends on how long it takes for us to get there.
The reason why I make this a short term trade is because if we go on the longer time frame (1 Week Chart), it look's like we have maybe this week or next week to go up and test 21 Weekly EMA(yellow) as resistance. If resistance is strong then we'll most likely head down to test 81 EMA(purple) which sits at upper 20k.
And going to our 1 Daily, we are hitting oversold on our RSI. So I expect us to make a rebound to test 21 Daily EMA(yellow) which also happens to sit around 45k. Overtime 21 EMA will lag lower and lower from this point on until we make it above it.
The reason why I make this a short term trade is because if we go on the longer time frame (1 Week Chart), it look's like we have maybe this week or next week to go up and test 21 Weekly EMA(yellow) as resistance. If resistance is strong then we'll most likely head down to test 81 EMA(purple) which sits at upper 20k.
And going to our 1 Daily, we are hitting oversold on our RSI. So I expect us to make a rebound to test 21 Daily EMA(yellow) which also happens to sit around 45k. Overtime 21 EMA will lag lower and lower from this point on until we make it above it.