Good morning traders. We saw a good daily candle print yesterday and are on our way to possibly confirming the checkmate pattern that I have been discussing. Ideally, I'd like to see another good daily candle close today, preferably at $5400 or higher. We had a good weekly close, keeping price within a narrow trading range and recovering the previous week's loses, but we had a great monthly close as well.
So far, we are seeing price take a bit of a breather after tagging the top of the month-long blue TR. In doing so, price has moved beyond our first target. The 4H RSI appears to be testing its previous ascending resistance as support while price tests the pivot as support. We continue to see demand showing up over the course of the past 6 hours as witnessed by the lower wicks on the current and previous candles. There is a strong defense of $5400 happening right now, most likely put on by those who shorted just above that level, but price continues to be bid up well. If price continues through $5400, then the defense at $5600 is the remaining wall. A convincing move through this latter level should see price easily pushing into $6000.
I would be concerned about failed upward progression if price falls below the demand at $5130. However, that doesn't mean that price necessarily must drop to $4000 and below from there. Rather, traders should pay attention to price action and volume as price approaches the bottom of the blue TR. Weak supply on a move down would suggest a possible Spring printing just below the TR followed by price moving back toward the top of that TR. As you are aware, I have been expecting May to be a retracement month, however it is possible we could see price spend most of the month moving sideways. I remain long at this time.
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.
So far, we are seeing price take a bit of a breather after tagging the top of the month-long blue TR. In doing so, price has moved beyond our first target. The 4H RSI appears to be testing its previous ascending resistance as support while price tests the pivot as support. We continue to see demand showing up over the course of the past 6 hours as witnessed by the lower wicks on the current and previous candles. There is a strong defense of $5400 happening right now, most likely put on by those who shorted just above that level, but price continues to be bid up well. If price continues through $5400, then the defense at $5600 is the remaining wall. A convincing move through this latter level should see price easily pushing into $6000.
I would be concerned about failed upward progression if price falls below the demand at $5130. However, that doesn't mean that price necessarily must drop to $4000 and below from there. Rather, traders should pay attention to price action and volume as price approaches the bottom of the blue TR. Weak supply on a move down would suggest a possible Spring printing just below the TR followed by price moving back toward the top of that TR. As you are aware, I have been expecting May to be a retracement month, however it is possible we could see price spend most of the month moving sideways. I remain long at this time.
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.
