4H
A diagonal trendline resistance has formed over the past month and it was broken a few days ago. Price is currently in the process of retesting this trendline to see if it will now act as support. We can also see that the price has been compressing between the 4h 100 and 200 EMAs. Continued compression will lead to an explosive move. Overall, things are looking bullish.
A diagonal trendline resistance has formed over the past month and it was broken a few days ago. Price is currently in the process of retesting this trendline to see if it will now act as support. We can also see that the price has been compressing between the 4h 100 and 200 EMAs. Continued compression will lead to an explosive move. Overall, things are looking bullish.
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We are seeing the early stages of a bounce off the trendline. Note that the price is below both the 1h 100 and 200 EMAs, and currently retesting the previous local low from the underside. Ideally we want to see the price compress between the trendline and the EMAs. The longer the price compresses the more explosive the move will be. It would not be unusual to see the price reject from here, then follow the trendline down before making a move to the upside. If price were to dip under the trendline and then retest from the underneath we could be looking at another move to the lows.