Short-term TA (1-2 weeks).
We should be seeing a gradual movement upwards seeing as the past 2 days we have seen the price bottom out on the descending channel floor and was rejected twice (Double Bottom).
The price should be testing the 50 day EMA and 200 day EMA on both the 15 minute and 2hr timeframes (just my preferred timeframes).
The ceiling right now is around $208-210 with the 200 day EMA 2hr @ $210.91
Price has also respected the Fibonacci Retracement calculated support levels of 61.80% / $186.09 and continued up. The 50th percentile calculated resistance is $242.78 which would sufficiently confirm a break out of the descending channel consolidation; or cup and handle formation.
In the short term '15 min timeframe', we see the MACD is about to crossover bullish, so potentially we could see some movement upwards today.
We should be seeing a gradual movement upwards seeing as the past 2 days we have seen the price bottom out on the descending channel floor and was rejected twice (Double Bottom).
The price should be testing the 50 day EMA and 200 day EMA on both the 15 minute and 2hr timeframes (just my preferred timeframes).
The ceiling right now is around $208-210 with the 200 day EMA 2hr @ $210.91
Price has also respected the Fibonacci Retracement calculated support levels of 61.80% / $186.09 and continued up. The 50th percentile calculated resistance is $242.78 which would sufficiently confirm a break out of the descending channel consolidation; or cup and handle formation.
In the short term '15 min timeframe', we see the MACD is about to crossover bullish, so potentially we could see some movement upwards today.