Good morning, traders. Since price is not making strong moves up at the moment, I figured we would be best served by taking a simpler look at the H4. The green dashed horizontal line is the monthly open. The yellow zone just above it has been an area of support/resistance throughout this corrective sequence as shown. Price tapped just below that zone's EQ, but we need to see price closing strongly above it to encourage greater upward continuation. H4 Stoch RSI is just now peeking out of oversold and RSI is slightly bearish at 42.5 after having printed a short bullish divergence at the recent swing low. So there is a lot of room for price to continue higher. The large descending broadening wedge continues to interest me. A close above its resistance should have price targeting the R2 pivot. The blue H4 demand below price continues to provide bounce for now.
Traders can zoom into the H1 and lower TFs once they make this chart their own via the instructions below. They will be able to see the pitchfork, channel, and possible wedge resistance that I am watching, as well as RSI resistance and noted bullish divergence, etc. Price is above the descending purple channel's resistance, so the target should be $10420, just below the M30 pivot.
Zooming out to the D1 and D3 TFs, traders will note the pitchfans. These show the ascending support and resistance levels based on the inputs (the points that they are drawn from). They suggest that a close above the June swing high should have price targeting $30K at least. However, they also suggest that price may challenge the ~$9100 swing low again before heading higher. D3 and D1 RSI are near their descending resistance, so a sudden strong buy could provide the catalyst that sends price following through higher into the beginning of next week. Without it, though, it seems that price may need to dip lower to pick up liquidity to get it going. The weekly TF shows the recent hidden bullish divergences that we have been watching. A higher close this week should confirm the most recent one which would, then, support continued price appreciation through the end of next week. The daily candle is looking good so far and if it closes like this it suggests that price could get a bounce toward the daily pivot at the very least.
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Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
Traders can zoom into the H1 and lower TFs once they make this chart their own via the instructions below. They will be able to see the pitchfork, channel, and possible wedge resistance that I am watching, as well as RSI resistance and noted bullish divergence, etc. Price is above the descending purple channel's resistance, so the target should be $10420, just below the M30 pivot.
Zooming out to the D1 and D3 TFs, traders will note the pitchfans. These show the ascending support and resistance levels based on the inputs (the points that they are drawn from). They suggest that a close above the June swing high should have price targeting $30K at least. However, they also suggest that price may challenge the ~$9100 swing low again before heading higher. D3 and D1 RSI are near their descending resistance, so a sudden strong buy could provide the catalyst that sends price following through higher into the beginning of next week. Without it, though, it seems that price may need to dip lower to pick up liquidity to get it going. The weekly TF shows the recent hidden bullish divergences that we have been watching. A higher close this week should confirm the most recent one which would, then, support continued price appreciation through the end of next week. The daily candle is looking good so far and if it closes like this it suggests that price could get a bounce toward the daily pivot at the very least.
_____________________________________________________________
Be sure to hit the "thumbs up!"
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.
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. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
D3
Weekly