Good morning, traders. Not a lot has happened over the past couple of days. We appear to be watching price move sideways. However, if we take a closer look, we can see price making higher lows toward resistance at $3900. This is creating a possible ascending triangle which should have price targeting $3988-$4005 upon a successful breach and follow-through.
I had a preliminary descending channel on the H1 RSI yesterday but it now appears that it is printing a descending broadening wedge suggesting that demand is building for another push up as well. Additionally, the H1 MACD is nearing a bullish crossover.
A successful continuation through the $4000 level should see price targeting $4130 with a possible wick toward the R1 pivot at $4210. At that point, I don't think price will push through the ATH diagonal red resistance without retracing toward $3900/$3950 first. This would then possibly print a cup and handle pattern with a minimum target of $4700/$4750 based on the pattern, depending on how it forms. The H4 RSI hasn't hit overbought yet either, currently sitting just below it suggesting that price has further appreciation before a good corrective retracement occurs. D1 MACD histogram printed bullish divergence between February 7th and March 4th which resulted in the move up since then. While daily volume has declined since the drop from $6000, it has also evened out since the end of December and appears to be building in strength, overall. This suggests that a base is being formed between $3000 and $4000.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
I had a preliminary descending channel on the H1 RSI yesterday but it now appears that it is printing a descending broadening wedge suggesting that demand is building for another push up as well. Additionally, the H1 MACD is nearing a bullish crossover.
A successful continuation through the $4000 level should see price targeting $4130 with a possible wick toward the R1 pivot at $4210. At that point, I don't think price will push through the ATH diagonal red resistance without retracing toward $3900/$3950 first. This would then possibly print a cup and handle pattern with a minimum target of $4700/$4750 based on the pattern, depending on how it forms. The H4 RSI hasn't hit overbought yet either, currently sitting just below it suggesting that price has further appreciation before a good corrective retracement occurs. D1 MACD histogram printed bullish divergence between February 7th and March 4th which resulted in the move up since then. While daily volume has declined since the drop from $6000, it has also evened out since the end of December and appears to be building in strength, overall. This suggests that a base is being formed between $3000 and $4000.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
