1 Day Cloud:
We see that the Tenkan bear cross into the Kijun from above indicated the drop into cloud.
The cloud has been able to fight off the drop showing that is has been able to slow down the bearish momentum temporarily.
Recent bull fractal*
The previous "W" ended up playing out in this recent dip.
MACD remains unfavorable, OBV indicates a possible increase / trend change in volume, and Stochastics indicates the rejection of the oversold region.
It is imperative that the daily cloud continues to support the price level.
1 Hour Bollinger
We see a current squeeze taking place with the BBands existing within the Keltner bands. "The Squeze" will result in high volatility once the constriction is over. Let's hope the volatility is in the upward direction.
Unfortunately, MACD is showing signs of an unfavorable twist with a c-clamp formation starting to form.
Additionally, Stochastics are entering an overbought position and could bring price down if that point is entered.
We see an hourly upward trend in OBV so whichever hourly breakout occurs could be intense. Luckily, current hourly price is in the upper channel of the Bollinger / Keltner bands.
Lastly, I am a bit worried about %B in the hourly chart which leads me to believe the next burst will be downward. %B indicates higher highs and lower lows. If we zoom on the hourly, we can see that the upper fluctuations are distancing themselves from the upper band with each wave. This isn't particularly a good sign.
Conclusion:
1. Daily cloud support - Bullish
2. Daily reversal in volume trend - Neutral
3. Daily rejection of oversold area - Bullish
4. Hourly band trend - Bearish
5. Hourly MACD - Neutral
6. Hourly approach to overbought area - Neutral
Final thoughts:
- Short term doesn't look so hot.
- If price falls below the 200 day moving average... Rip
We see that the Tenkan bear cross into the Kijun from above indicated the drop into cloud.
The cloud has been able to fight off the drop showing that is has been able to slow down the bearish momentum temporarily.
Recent bull fractal*
The previous "W" ended up playing out in this recent dip.
MACD remains unfavorable, OBV indicates a possible increase / trend change in volume, and Stochastics indicates the rejection of the oversold region.
It is imperative that the daily cloud continues to support the price level.
1 Hour Bollinger
We see a current squeeze taking place with the BBands existing within the Keltner bands. "The Squeze" will result in high volatility once the constriction is over. Let's hope the volatility is in the upward direction.
Unfortunately, MACD is showing signs of an unfavorable twist with a c-clamp formation starting to form.
Additionally, Stochastics are entering an overbought position and could bring price down if that point is entered.
We see an hourly upward trend in OBV so whichever hourly breakout occurs could be intense. Luckily, current hourly price is in the upper channel of the Bollinger / Keltner bands.
Lastly, I am a bit worried about %B in the hourly chart which leads me to believe the next burst will be downward. %B indicates higher highs and lower lows. If we zoom on the hourly, we can see that the upper fluctuations are distancing themselves from the upper band with each wave. This isn't particularly a good sign.
Conclusion:
1. Daily cloud support - Bullish
2. Daily reversal in volume trend - Neutral
3. Daily rejection of oversold area - Bullish
4. Hourly band trend - Bearish
5. Hourly MACD - Neutral
6. Hourly approach to overbought area - Neutral
Final thoughts:
- Short term doesn't look so hot.
- If price falls below the 200 day moving average... Rip