Price has been pulling back from the past run and moving down a bear channel.
The wicks sliding down the bottom of the channel signals strong psychological buy power waiting on the sidelines. They moved in after the memorial day weekend ended. Pushing price from ~7k-7.5k
Our previous daily candle closed bearish but we can see by the wick the there was still buying power.
Stochastic RSI is running upwards after the bull cross it recently had.
MACD should be bull crossing soon to follow the stochastic. If this buying continues throughout the day.
ADX indicates this trend upwards has some real momentum behind it. We may see the price test the top of channel or the bottom of the kumo. DIs have curled inwards moving in a bullish fashion.
Possible extension to .5 or .618 if the bull move continues.
The wicks sliding down the bottom of the channel signals strong psychological buy power waiting on the sidelines. They moved in after the memorial day weekend ended. Pushing price from ~7k-7.5k
Our previous daily candle closed bearish but we can see by the wick the there was still buying power.
Stochastic RSI is running upwards after the bull cross it recently had.
MACD should be bull crossing soon to follow the stochastic. If this buying continues throughout the day.
ADX indicates this trend upwards has some real momentum behind it. We may see the price test the top of channel or the bottom of the kumo. DIs have curled inwards moving in a bullish fashion.
Possible extension to .5 or .618 if the bull move continues.
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