I do not often draw trend lines but the current channel is being respected very well as the resistance lines up with daily EMA resistance.
We saw a bear trap last night with a break of support and instant bull move.
The price has quickly made it back to a recent 4 hour lower high of resistance, as well as 4 hour EMA resistance.
Bulls looking to form a 4 hour higher low this morning.
Resistances tests await, as the bulls try and defend the recent lows.
At this point I am a picky bull that would need to see convincing signs we can turn daily EMA resistance into support.
We saw a bear trap last night with a break of support and instant bull move.
The price has quickly made it back to a recent 4 hour lower high of resistance, as well as 4 hour EMA resistance.
Bulls looking to form a 4 hour higher low this morning.
Resistances tests await, as the bulls try and defend the recent lows.
At this point I am a picky bull that would need to see convincing signs we can turn daily EMA resistance into support.
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