Hi traders,
This is my first time posting here so go easy on me! I don't intend on spamming the ideas board here but I'd like to post some of the price-action predictions I'm a little more confident in.
The bulls have shown up earlier in the month with a large green candle but the consolidation is looking a little exhausted and an upward sloping flag/ channel on top rather than down sloping means less traders are looking to accumulate. I'm a believer in fibs and as we can see the 0.618 lines up quite nicely with the previous resistance, now expected to be support ($4100).
The shorts have also been increasing in the last few days while longs are dropping. Another sign that the sentiment in the market is feeling short-term bearish.
^Both the RSI and MACD are also showing signs of bearish divergence on the daily. Obviously we could have a further higher high with more bearish divergence so this isn't fully reliable but definitely should be noted.
What are your thoughts on the next up-incoming move? its likely to be hours/ a couple of days away...
Thanks for viewing,
Mark ^^
This is my first time posting here so go easy on me! I don't intend on spamming the ideas board here but I'd like to post some of the price-action predictions I'm a little more confident in.
The bulls have shown up earlier in the month with a large green candle but the consolidation is looking a little exhausted and an upward sloping flag/ channel on top rather than down sloping means less traders are looking to accumulate. I'm a believer in fibs and as we can see the 0.618 lines up quite nicely with the previous resistance, now expected to be support ($4100).
The shorts have also been increasing in the last few days while longs are dropping. Another sign that the sentiment in the market is feeling short-term bearish.
What are your thoughts on the next up-incoming move? its likely to be hours/ a couple of days away...
Thanks for viewing,
Mark ^^