Price has hit .45 as discussed in my last post.
Need to regain the .46 region in the next 50 min to have 4hr candle body to respect trend line. If this does not happen we will continue towards .40, possibly stopping at .42. Bulls or bears could make a big move as we flirt with major resistance/support.
Lowest support we could hit while maintaining bullish structure on the daily and weekly timeframes would be .33 - .34 IMO. If this is a reality I see it as a quick wick down and not an area we will spend a lot of time. We are coming out of a two plus year bear market. Even at .45 you still have 100% gains in a very short time.
Savage volatility inbound.
Need to regain the .46 region in the next 50 min to have 4hr candle body to respect trend line. If this does not happen we will continue towards .40, possibly stopping at .42. Bulls or bears could make a big move as we flirt with major resistance/support.
Lowest support we could hit while maintaining bullish structure on the daily and weekly timeframes would be .33 - .34 IMO. If this is a reality I see it as a quick wick down and not an area we will spend a lot of time. We are coming out of a two plus year bear market. Even at .45 you still have 100% gains in a very short time.
Savage volatility inbound.
Comment:
Just noticed there is hidden bullish divergence on the 4HR chart.