The first candlestick formation to the left in the circle indicates a downtrend price reversal movement. The second weekly green candlestick to the right in the circle always mark the beginning of a strong buy season after long sell pressure, just like it occurred in April.
Stochastic RSI on weekly also showing bullish signal with the turn up. The last turn up was in April,2018.
Likewise, take note of the MACD/SIGNAL gap as they close to getting crossed after wide separation since Jan,2018.
Once MACD/SIGNAL crossover takes place, it will automatically give the BULLS the strength they need to push the price farther.
Volume also sending some strong positive trade opportunity.
Observation: Fib. line 0.382 with price of $7128.8; the third red spot, determines if the bearish trend continues or not,if the next bullish candlestick move through the resistance trendline successfully and close by sitting on the trendline as a support zone. Then the bears may lose their steam finally over the market as price will be trading above the bearish terrain, more of the bullish zone.
Fib. line 0.618 with price of $7970 will seal the bullish game deal totally.
Conclusion: Since weekly chart is bullish, shorter time frames bearish reaction are healthy pull back.
Stochastic RSI on weekly also showing bullish signal with the turn up. The last turn up was in April,2018.
Likewise, take note of the MACD/SIGNAL gap as they close to getting crossed after wide separation since Jan,2018.
Once MACD/SIGNAL crossover takes place, it will automatically give the BULLS the strength they need to push the price farther.
Volume also sending some strong positive trade opportunity.
Observation: Fib. line 0.382 with price of $7128.8; the third red spot, determines if the bearish trend continues or not,if the next bullish candlestick move through the resistance trendline successfully and close by sitting on the trendline as a support zone. Then the bears may lose their steam finally over the market as price will be trading above the bearish terrain, more of the bullish zone.
Fib. line 0.618 with price of $7970 will seal the bullish game deal totally.
Conclusion: Since weekly chart is bullish, shorter time frames bearish reaction are healthy pull back.