Good morning, traders. It looks like we had just a tad bit of a drop overnight which price has been rectifying this morning after having dipped below the H4 pivot. Price is now above the 21 EMA on that TF and RSI has continued to print a descending channel. H$ MACD is curled up and looking for a bullish cross. The small descending wedge that printed gives price a target of $3900, bringing it back to the top of the local TR/EQ of the ascending channel. I have readjusted the ascending channel to fit the recent movement. We can also see a HVN in that same area, but once through that then price should be targeting the top of the ascending channel and R1 pivot.
It should be a relatively easy move to the R2 pivot/EQ of the overhead supply/EQ of the ascending purple channel once price moves through $4048. However, it is there that we can't be sure what will happen. It seems most likely that price should retrace back down toward $3900 from that point and then push through the descending ATH resistance. However, we can't ignore the possibility that price just takes off all of the sudden without the retracement. There is enough room on the daily RSI for this latter possibility to occur. As far as the purple ascending channel goes, it is preliminary and may not hold, but it aligns pretty well with price movement which is why I'm watching it.
The daily candle is currently printing a possible hammer reversal, but traders are cautioned about acting solely on it until the daily close and confirmation. D3 chart continues to look like a pause before continued upward movement. Weekly is not an easy read due to the larger upper wick a few weeks back but it isn't looking awful at this time which is a positive since the lower TFs are looking more bullish for now.
If further movement to the downside occurs, then I would want to see the February 27th swing low hold at $3658.19. What this means is that I don't want to see a daily close below that. A wick below and close above would print a bullish SFP and signal likely upward price progression once again. Prior to that point, I would want to see the H4 March 8th swing low at $3760.10 hold.
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.
It should be a relatively easy move to the R2 pivot/EQ of the overhead supply/EQ of the ascending purple channel once price moves through $4048. However, it is there that we can't be sure what will happen. It seems most likely that price should retrace back down toward $3900 from that point and then push through the descending ATH resistance. However, we can't ignore the possibility that price just takes off all of the sudden without the retracement. There is enough room on the daily RSI for this latter possibility to occur. As far as the purple ascending channel goes, it is preliminary and may not hold, but it aligns pretty well with price movement which is why I'm watching it.
The daily candle is currently printing a possible hammer reversal, but traders are cautioned about acting solely on it until the daily close and confirmation. D3 chart continues to look like a pause before continued upward movement. Weekly is not an easy read due to the larger upper wick a few weeks back but it isn't looking awful at this time which is a positive since the lower TFs are looking more bullish for now.
If further movement to the downside occurs, then I would want to see the February 27th swing low hold at $3658.19. What this means is that I don't want to see a daily close below that. A wick below and close above would print a bullish SFP and signal likely upward price progression once again. Prior to that point, I would want to see the H4 March 8th swing low at $3760.10 hold.
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.