I think we are actually rising to a bull trap region. I won't long at the current level.
The RSI breaking above MAs with a hidden bearish divergence last week didn’t allow us to hold above the MAs and turning to a bullish trend. The daily RSI is rising to both MA resistance and the key resistance since May. This will be hard to break. 2D RSI still trending bearish. Check out our weekly overview.
BillionaireTomBoi
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@Phi-Deltalytics, Thanks for your analysis, as it is very detailed & makes sense. However, we've reclaimed the whole Q1 2020 drop, signaling ridiculous bullish momentum. If my green line continues to hold, we wont see much resistance until the $9444 area. This would be about a week to 3 week hold, yielding decent profits for day/swing traders. For me & my style of trading, it's a high yield, low risk trade, with a stop well below the (horizontal) green line I've plotted. Thanks again for your input!
The RSI breaking above MAs with a hidden bearish divergence last week didn’t allow us to hold above the MAs and turning to a bullish trend. The daily RSI is rising to both MA resistance and the key resistance since May. This will be hard to break. 2D RSI still trending bearish. Check out our weekly overview.