Good morning, traders. Price didn't close out the daily as strong as it started it, yesterday, but before you get too bearish let's take a look at the H4 picture. Stripping out most of the noise, this is what we get -- price nearing daily descending resistance while printing a possible descending wedge. We can see supply volume contracting significantly as this TR has developed (other than the one outlier volume bar ten days ago which was needed to push price below that local swing low) while demand volume has continued to expand. The lows are printing a much less steep decline than the highs which tells us that demand is showing up and increasing, which is what the demand volume expansion tells us as well. RSI is nearing its resistance and Stoch RSI is targeting a bullish cross if we can see price move to the upside in the next two hours. I would expect to see a strong demand candle print on price's break through that daily descending resistance. I have noted a possible double bottom printing, but this won't be confirmed until price closes above the swing high between the lows. This would have price targeting the $10840 level in the short-term, taking price above the H4 pivot, with a possible larger target of the $13800+ swing high that was set a month ago.
Further downside movement would have me watching the S1 pivot followed by the descending support line for the bounce.
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Further downside movement would have me watching the S1 pivot followed by the descending support line for the bounce.
_____________________________________________________________
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.