Price has entered the cloud and shifted the trend
to neutral on the daily tf. Tomorrow will likely also
give a bearish twist in the projected cloud.
However, we are now seeing a long pin-bar (Hammer)
being formed, piercing the Monthly S1.
ATH sits exactly at the Monthly R1 and now
we are at the very bottom of the normal correction
range (with a strong momentum).
We need to see a close above the Monthly Pivot Point
(54850) and above the cloud, to give relief for the
bulls. This could also spur a buying wave and a sharp
appreciation.
If price close below the cloud and the Monthly S1
(48675) this may push price lower towards the
43000 level. And below that the Monthly S2/Yearly
R1 (38600-37600)
Note that if we see a Hammer candle close today
and a close above 53000 tomorrow we will also
have put in a Morning Star Candle stick pattern,
wich is quite bullish.
Overall, trend is Neutral and price has been
supported by the lower cloud.
to neutral on the daily tf. Tomorrow will likely also
give a bearish twist in the projected cloud.
However, we are now seeing a long pin-bar (Hammer)
being formed, piercing the Monthly S1.
ATH sits exactly at the Monthly R1 and now
we are at the very bottom of the normal correction
range (with a strong momentum).
We need to see a close above the Monthly Pivot Point
(54850) and above the cloud, to give relief for the
bulls. This could also spur a buying wave and a sharp
appreciation.
If price close below the cloud and the Monthly S1
(48675) this may push price lower towards the
43000 level. And below that the Monthly S2/Yearly
R1 (38600-37600)
Note that if we see a Hammer candle close today
and a close above 53000 tomorrow we will also
have put in a Morning Star Candle stick pattern,
wich is quite bullish.
Overall, trend is Neutral and price has been
supported by the lower cloud.