Good morning, traders. During yesterday's video I took a look at this pair in multiple different ways. I also mentioned that I wouldn't be surprised at all to see a short drop followed by continued appreciation. Well, we got the drop but so far price has not been able to follow through to the upside. That being said, this pair hit oversold on the H4 yesterday and is just now hitting oversold on the H6. With another 2+ hours left in the current H4 candle, we could see hidden bullish divergence print on RSI. We can already see hidden bullish divergence printing on the H4 MACD between March 11th and today and on the H6 MACD between March 14th and today. H1, H4, and H6 Stoch RSI have bottomed as well. None of this guarantees that we will see a bounce from here, but it sets the stage for one. Now we need to see demand come in and follow through.
H4 shows a descending wedge printing, and I have readjusted the red ascending channel to fit the current price action. Order books are starting to show increasing demand, but the fight between supply and demand is still strong. The larger picture shows the daily Stoch RSI has nearly bottomed out but the weekly Stoch RSI recently topped out while weekly RSI hit resistance. However, Stoch RSI can remain topped or bottomed out for multiple periods. Although price remains above the daily pivot, it is currently below the 21 EMA, but there is still another 9+ hours left in the candle, so we could see price closing above it. As long as the C Fork (Chuvashov Fork) holds up on the daily, price should bounce and continue higher. If it falls through the Fork support then we will likely see RSI falling below support as well, indicating further depreciation. Currently, I am watching for H4 RSI to push through resistance as an indication that price has begun an uptrend on that TF. When it does, we should see price pushing through the descending wedge resistance and targeting $4100+. If price continues falling through the H4 demand, then demand around $3600 needs to hold or else we should expect a retest of the corrective low.
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.
H4 shows a descending wedge printing, and I have readjusted the red ascending channel to fit the current price action. Order books are starting to show increasing demand, but the fight between supply and demand is still strong. The larger picture shows the daily Stoch RSI has nearly bottomed out but the weekly Stoch RSI recently topped out while weekly RSI hit resistance. However, Stoch RSI can remain topped or bottomed out for multiple periods. Although price remains above the daily pivot, it is currently below the 21 EMA, but there is still another 9+ hours left in the candle, so we could see price closing above it. As long as the C Fork (Chuvashov Fork) holds up on the daily, price should bounce and continue higher. If it falls through the Fork support then we will likely see RSI falling below support as well, indicating further depreciation. Currently, I am watching for H4 RSI to push through resistance as an indication that price has begun an uptrend on that TF. When it does, we should see price pushing through the descending wedge resistance and targeting $4100+. If price continues falling through the H4 demand, then demand around $3600 needs to hold or else we should expect a retest of the corrective low.
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.
