Good morning, traders. Price moved up as expected since yesterday's update and live stream, and found initial resistance at my dashed black line just above the double bottom target. This is also the 1D pivot. In terms of the local TR from yesterday, the move up was the SOS and it pulled price into the 4H blue TR. After consolidation, we should expect to see continued upward movement to the top of the blue TR and then the larger TF black TR that began two months ago. We can see that price followed the flag I had drawn on it which means we should expect price to target the $6460 area to complete that pattern's target. Currently, price is finding support on the 4H S1 pivot. Remember, a close above the blue pivot at $6410 would be considered bullish. 4H RSI breached its resistance as price pushed out of the flag and remains bullish at 58. MACD has just moved to the bullish side of centerline, and OBV is rising with the price appreciation suggesting the move up is true.
Price bounced off the 15 minute Pivot and RSI is bullish at 57. MACD is pulling away from the signal line and targeting the bullish side of centerline. OBV continues to lead the narrative as it is hasn't wavered in its push upward. We can also see that price is finding a bit of resistance at the equilibrium of the ascending channel it has been printing since October 31st's pop. At this point, we want to see price pushing through the dashed black horizontal line that it found resistance at over night in order to avoid a double top on the smaller TF. A double top at that area should see price retreating to the top of the small local TR that price moved out of two days ago at $6280/$6300.
I've drawn in a few channels to give you an idea of the support/resistance levels that I'm watching as price moves. As long as price remains within the ascending channel, things should be fine. A move through the bottom of the channel sets up the aforementioned test of the top of the local TR below it. A thrust through the top of it should come with the expectation of a pullback toward one of the black resistance lines drawn, depending on how hard the push is and its follow-through. On a move above that, the blue horizontal lines should provide support.
Overall, price remains within the larger two-month-old black TR between $6095 and $6587. Once price moves through the resistance or support of that TR, I will evaluate the movement to decide whether I will enter at that time. Until then, all this little movement is nothing more than noise with a risk that is far too great in exchange for any reward for me.
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.
Price bounced off the 15 minute Pivot and RSI is bullish at 57. MACD is pulling away from the signal line and targeting the bullish side of centerline. OBV continues to lead the narrative as it is hasn't wavered in its push upward. We can also see that price is finding a bit of resistance at the equilibrium of the ascending channel it has been printing since October 31st's pop. At this point, we want to see price pushing through the dashed black horizontal line that it found resistance at over night in order to avoid a double top on the smaller TF. A double top at that area should see price retreating to the top of the small local TR that price moved out of two days ago at $6280/$6300.
I've drawn in a few channels to give you an idea of the support/resistance levels that I'm watching as price moves. As long as price remains within the ascending channel, things should be fine. A move through the bottom of the channel sets up the aforementioned test of the top of the local TR below it. A thrust through the top of it should come with the expectation of a pullback toward one of the black resistance lines drawn, depending on how hard the push is and its follow-through. On a move above that, the blue horizontal lines should provide support.
Overall, price remains within the larger two-month-old black TR between $6095 and $6587. Once price moves through the resistance or support of that TR, I will evaluate the movement to decide whether I will enter at that time. Until then, all this little movement is nothing more than noise with a risk that is far too great in exchange for any reward for me.
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.