Good morning, traders. Nothing has really changed since yesterday. Today we are taking a look at the H4 Bitfinex chart. The red lines draw an almost perfect diamond pattern. McGinley Dynamic is currently sitting just above price which is bouncing off support at the moment. The targets based on the diamond are shown, as are immediate supply and demand zones. RSI has been printing a descending broadening wedge since December 20th, and within that an ascending triangle since January 14th, suggesting a break to the upside for price. MACD has been trending higher since January 11th and is nearing a bullish cross of centerline. However, it has slowed down quite a bit the past few days as expected due to the price consolidation within the diamond. Volume has been dropping off as a result as well. If price pops up, then I expect a test of the upper supply zone EQ at around $4120. Continuation above that level will have price pushing through the D1 50EMA. A close above that EMA should set up the $4800-$5600 targets. A move down should expect to find strong demand in the lower zone. A close below that zone should open the gates for a possible move down to $2450 if $2850-$2950 doesn't hold.
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.
Remember, 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.
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.
Remember, 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.
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Corrected chart view:
