Good day chaps!
Looks like we could be witnessing a true breakout from the downtrend!
Looking at the four hour, we are seeing higher highs on both the candles and the RSI. Coming out of a downtrend, this appears positive to me, when coupled with the increasing volume. At the time of writing, the two blue arrows are indicative of higher highs on the RSI (all eyes on the grey arrow to see whether it continues upward momentum).
If we look back to the previous breakout attempt, you can clearly see higher highs with the wicks piercing (but those pesky bears pushed the bodies back down). Take a look at the red arrows on the RSI showing a lower high at the time too... from what I understand, even in a downtrend, this is still bearish divergence.
Also, those EMAs crossed over to a positive order now, which could potentially signal bullish support.
That's all for now. Cheers!
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Getting my feet wet with TA, so I'm open to criticism and willing to listen to any advice from the more seasoned out there.
In the words of Carter Thomas "None of this is professional advice, just a random dude on the internet giving his opinion" :D
Looks like we could be witnessing a true breakout from the downtrend!
Looking at the four hour, we are seeing higher highs on both the candles and the RSI. Coming out of a downtrend, this appears positive to me, when coupled with the increasing volume. At the time of writing, the two blue arrows are indicative of higher highs on the RSI (all eyes on the grey arrow to see whether it continues upward momentum).
If we look back to the previous breakout attempt, you can clearly see higher highs with the wicks piercing (but those pesky bears pushed the bodies back down). Take a look at the red arrows on the RSI showing a lower high at the time too... from what I understand, even in a downtrend, this is still bearish divergence.
Also, those EMAs crossed over to a positive order now, which could potentially signal bullish support.
That's all for now. Cheers!
---
Getting my feet wet with TA, so I'm open to criticism and willing to listen to any advice from the more seasoned out there.
In the words of Carter Thomas "None of this is professional advice, just a random dude on the internet giving his opinion" :D