See the massive divergence marked with dotted lines on RSI. This signals the following things:
- Reversal to the upside from our current posture
- Likely prolonged sideways action in between 9.5-10K levels
This being said, we don't have a bullish resolution of the current situation.
Bearish signs:
- We are under major EMA on 4 H
- We have unresolved death cross on 4 H. 50 and 200 EMA are further diverging from each other
- MACD cross to the downside on weekly
- RSI on weekly dipping under 60 zone
Bullish signs:
- Bullish divergence on the chart
- Strong EMA resistance levels on daily and weekly.
- Visible signs of bearish trend exhaustion
Note, if we close 4H price action under 9290 level we most likely signal a rapid continuation to 8.9 and 8.5 levels.
Stay safe my people
Cheers
Archie
- Reversal to the upside from our current posture
- Likely prolonged sideways action in between 9.5-10K levels
This being said, we don't have a bullish resolution of the current situation.
Bearish signs:
- We are under major EMA on 4 H
- We have unresolved death cross on 4 H. 50 and 200 EMA are further diverging from each other
- MACD cross to the downside on weekly
- RSI on weekly dipping under 60 zone
Bullish signs:
- Bullish divergence on the chart
- Strong EMA resistance levels on daily and weekly.
- Visible signs of bearish trend exhaustion
Note, if we close 4H price action under 9290 level we most likely signal a rapid continuation to 8.9 and 8.5 levels.
Stay safe my people
Cheers
Archie