Good morning, traders. Price has continued to follow the path outlined in Friday's analysis. While I did not post publicly yesterday, since it was our holiday weekend in the U.S., I did leave an analysis for our premium Discord members. At this point, price is confirming the weekly and D3 hidden bull divs. RSI is now above its resistance on the daily and D3, and it is attempting to push through on the weekly. D3 Stoch RSI has crossed bullishly in oversold and the weekly Stoch has curled up and is nearing a bullish cross. The D3 price last printed a hammer candle suggesting a reverse may be in the works and is currently confirming that possible reversal with a large-bodied green candle which closes at the EoD.
Although we have seen expanding volume and candle spread on the daily so far, volume continues to contract overall so traders should remain cautious that this could just be a bounce. At this time, price is above the daily 21 EMA and is finding resistance at the pivot. Price is back above the TR's EQ and has broken above the red descending wedge's resistance. This should have price targeting $12330 which would break the descending triangle that everyone has been obsessing over. It will also print another higher high. Remember, price has been printing higher lows and highs since the July 17th swing low.
Zooming into the H4, we can see that price stopped just shy of the supply EQ/R1 pivot at the top of the local black TR. H4 RSI and Stoch RSI are overbought, suggesting a possible pullback toward $10150. However, it is possible for us to see price consolidate in the current area before pushing higher as well since H1 Stoch RSI has bounced off the bottom and is just pushing out of oversold. It all depends on the demand. Once above the local TR's resistance, price should be targeting the R2 pivot, above the large TR's resistance, just below the green daily supply's EQ and the large descending resistance. (NOTE: This was written for our premium Discord members who received it earlier. Price has continued up from the point of consolidation at this time, rather than pull back toward $10150.)
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Although we have seen expanding volume and candle spread on the daily so far, volume continues to contract overall so traders should remain cautious that this could just be a bounce. At this time, price is above the daily 21 EMA and is finding resistance at the pivot. Price is back above the TR's EQ and has broken above the red descending wedge's resistance. This should have price targeting $12330 which would break the descending triangle that everyone has been obsessing over. It will also print another higher high. Remember, price has been printing higher lows and highs since the July 17th swing low.
Zooming into the H4, we can see that price stopped just shy of the supply EQ/R1 pivot at the top of the local black TR. H4 RSI and Stoch RSI are overbought, suggesting a possible pullback toward $10150. However, it is possible for us to see price consolidate in the current area before pushing higher as well since H1 Stoch RSI has bounced off the bottom and is just pushing out of oversold. It all depends on the demand. Once above the local TR's resistance, price should be targeting the R2 pivot, above the large TR's resistance, just below the green daily supply's EQ and the large descending resistance. (NOTE: This was written for our premium Discord members who received it earlier. Price has continued up from the point of consolidation at this time, rather than pull back toward $10150.)
____________________________________
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.
Comment:
Daily
Comment:
D3
Comment:
Weekly
