Hello all and welcome to this weekend analysis.
After the bullish divergence seen on MACD and RSI at $7,700, price has been attempting to move higher but met down sloping resistance at the 21 EMA on the 4H. RSI has now provided support at the 30 level with MACD resetting positive momentum. A shift to red territory would most likely bring price to the support line of the descending structure with a combination of green fulfilling these potentially bullish reversal patterns.
15 minute chart, we see an attempt up through the resistance met with heavy sell orders for a rejection.
1H chat price might be printing an inverse head and shoulder within the descending broadening channel.
1D chart RSI in oversold territory however there remains room for further downside movement. MACD is reseting negative momentum, we Should look for the shift either back to red or for a potential reversal.
This is only my opinion! Let me know what you think!
After the bullish divergence seen on MACD and RSI at $7,700, price has been attempting to move higher but met down sloping resistance at the 21 EMA on the 4H. RSI has now provided support at the 30 level with MACD resetting positive momentum. A shift to red territory would most likely bring price to the support line of the descending structure with a combination of green fulfilling these potentially bullish reversal patterns.
15 minute chart, we see an attempt up through the resistance met with heavy sell orders for a rejection.
1H chat price might be printing an inverse head and shoulder within the descending broadening channel.
1D chart RSI in oversold territory however there remains room for further downside movement. MACD is reseting negative momentum, we Should look for the shift either back to red or for a potential reversal.
This is only my opinion! Let me know what you think!
Pattern breaks are not valid until proven with candles closing above key levels on conviction volume.