Good morning, traders. Price has been consolidating/retracing within the expected area mentioned yesterday and looks ready to head higher up now. Once price exits through the descending broadening wedge's resistance, it will be back above the 4H pivot which is bullish. We should then see price targeting ~$8480 based on the height of the flagpole leading up to the wedge. This targeted level also happens to be the 4H R1 pivot, but may change depending on how long it takes price to rise through the wedge's resistance. There is also a slightly lower target of ~$8297 based on the height of the widest part of the wedge. Like the flagpole target, this could change depending on how long it takes price to exit the wedge.
Shorter-term, price printed a descending channel at the bottom of the descending broadening wedge as it bounced off the 61.8% retracement of the recent move up. Having pushed through the channel's resistance, price has a projected target of ~$7880 based on the height of that local channel. This move down over the past 24 hours has done nothing more, so far, than retest the previous descending channel's resistance as support. As such, price still has a target of ~$8973 based on the height of that channel as well.
On the 15 minute chart, I would watch for RSI to breach the descending resistance to indicate upward price progression. The 4H chart shows RSI printing an ascending channel. If RSI happens to fall through the channel support, it is likely we will have to re-evaluate the expected price movement. As long as it remains within the channel, however, price should continue on the path outlined above. The 1H chart is printing bullish divergence in RSI and Stoch RSI is bottomed out in oversold and printing a bullish cross. The 15 minute Stoch RSI is looking taxed at the moment, so we may see price print a small TR as it resets if we don't see it pop up soon. If price, for some reason, does not head up from this level and instead moves down, then I expect the lower blue demand zone to provide the bounce. Ultimately, my expectation remains the same -- that price will continue to climb within the large purple ascending channel on the 4H chart that price has printed since it started the 3rd wave up from the $3300 level. As such, we can see that there is the possibility that price could continue sideways for a bit longer as well without violating channel support.
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.
Shorter-term, price printed a descending channel at the bottom of the descending broadening wedge as it bounced off the 61.8% retracement of the recent move up. Having pushed through the channel's resistance, price has a projected target of ~$7880 based on the height of that local channel. This move down over the past 24 hours has done nothing more, so far, than retest the previous descending channel's resistance as support. As such, price still has a target of ~$8973 based on the height of that channel as well.
On the 15 minute chart, I would watch for RSI to breach the descending resistance to indicate upward price progression. The 4H chart shows RSI printing an ascending channel. If RSI happens to fall through the channel support, it is likely we will have to re-evaluate the expected price movement. As long as it remains within the channel, however, price should continue on the path outlined above. The 1H chart is printing bullish divergence in RSI and Stoch RSI is bottomed out in oversold and printing a bullish cross. The 15 minute Stoch RSI is looking taxed at the moment, so we may see price print a small TR as it resets if we don't see it pop up soon. If price, for some reason, does not head up from this level and instead moves down, then I expect the lower blue demand zone to provide the bounce. Ultimately, my expectation remains the same -- that price will continue to climb within the large purple ascending channel on the 4H chart that price has printed since it started the 3rd wave up from the $3300 level. As such, we can see that there is the possibility that price could continue sideways for a bit longer as well without violating channel support.
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.
