Hello all and good evening to everyone.
Earlier today we tracked the bullish divergence on the 4H which lead to the rise we just saw. Upon reaching the previous highs, price stalled and is currently forming a gravestone doji with receding volume. If the day closes out like this it is most probable we see price attempting to sweep the lows. Considering the bullish divergences, it is likely we make a higher low and a subsequent inverse head and shoulders pattern that could bring price back to $9,800 or higher.
Here is the subtle RSI divergence on the 1D
This is only my opinion and not trade advice.
What is depicted on the chart is not indicative of what WILL happen, only what I believe MIGHT happen based on the information provided in the charts.
Earlier today we tracked the bullish divergence on the 4H which lead to the rise we just saw. Upon reaching the previous highs, price stalled and is currently forming a gravestone doji with receding volume. If the day closes out like this it is most probable we see price attempting to sweep the lows. Considering the bullish divergences, it is likely we make a higher low and a subsequent inverse head and shoulders pattern that could bring price back to $9,800 or higher.
Here is the subtle RSI divergence on the 1D
This is only my opinion and not trade advice.
What is depicted on the chart is not indicative of what WILL happen, only what I believe MIGHT happen based on the information provided in the charts.