Price has been hugging the upper resistance line of this , chance of breaking the line and price moving upwards is high.
If it does break out upwards, the target could be $9.1K, heavy resistance ahead.
momentum is directed upwards.
Price is going sideways, but both indicators ( and ) has been decreasing in strength - sign of weakness and eventually a drop in price.
If it continues to retrace, the immediate price target going down is $8,450 to $8,443 at the Golden 618 Fibonacci Level.
NOTE: The divergence has not been fulfilled yet. Just FYI.
Only trade the breakouts to be safe and not be sorry. Wait for confirmation of price direction prior to putting in your trade.
Remember to always, always place your stop loss at the appropriate levels immediately after you have put in your long/short position so as not to get stopped out at your trades.
>>>>> Always be prepared for either scenario of upwards movement, downwards movement, or sometimes even sideways movement (consolidation phase & sometimes even extended consolidation phases). <<<<<
Constructive and positive comments are welcome.
Consider leaving a like after viewing my post, and click on Follow to receive my latest and updated posts.
Ron (The Intrepid Trader)
This is not financial advice. Do your own TA and use this chart to help you decide what trade you want to make.
TOUCHES $8,555, THIS CONFIRMS
A DESCENDING TRIANGLE PATTERN
Anticipating this move.