Good morning, traders. Price continues to make its way upward as it completes what appears to be a symmetrical triangle. This pennant should lead price toward ~$11360, based on the height of the flagpole. That is just a few hundred dollars below the 2018 TR's resistance, supply zone EQ, and 4H R3 pivot. You may have noticed that this also takes price above retail's expected $10K "hard" resistance. Price moving like this should then have it finding support above $10K and, as I've been mentioning is likely to happen in that situation, retail will begin FOMOing in on price as they become afraid that they missed their chance to buy in AGAIN, this time as they waited for $6K which social media has been promising them. This FOMO should provide the fuel to reach the higher targets I have mentioned numerous times since last year.
The 1H and 4H RSI and Stoch RSI indicators have a lot of room to run if price does pop as expected. If, however, price continues to just meander around, the odds are greatly increased that we will see bearish divergence print on the weekly TF. Currently, we have higher highs on price but lower highs on RSI over the past month or so. But if price does pop, then that should be remedied.
If a pennant is printing, as it appears to be, then we should most likely have a small drop to complete wave E before price takes off. That could be $100-$200 from price's current position. That's speculative though as E waves can be notoriously tricky depending on how much demand is pent up and how much supply has been pulled out during the consolidation. All this being as it is, I have to mention that price could stall out at $10K. The height of the symmetrical triangle provides a target of around $9970/80. For now, I am going to be watching the 4H RSI resistance with a break through being an indication that price is likely heading up toward those higher targets.
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.
The 1H and 4H RSI and Stoch RSI indicators have a lot of room to run if price does pop as expected. If, however, price continues to just meander around, the odds are greatly increased that we will see bearish divergence print on the weekly TF. Currently, we have higher highs on price but lower highs on RSI over the past month or so. But if price does pop, then that should be remedied.
If a pennant is printing, as it appears to be, then we should most likely have a small drop to complete wave E before price takes off. That could be $100-$200 from price's current position. That's speculative though as E waves can be notoriously tricky depending on how much demand is pent up and how much supply has been pulled out during the consolidation. All this being as it is, I have to mention that price could stall out at $10K. The height of the symmetrical triangle provides a target of around $9970/80. For now, I am going to be watching the 4H RSI resistance with a break through being an indication that price is likely heading up toward those higher targets.
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.
