Good morning my friends. I am taking a look at the 4hr chart this morning and I am seeing solid consolidation. That is to be expected though since we are inside the cloud. The cloud is known to cause consolidation and it is certainly doing its job as we have been inside the cloud in consolidation for 17 4hr candles. We just cant seem to escape the cloud. We tried to exit above but we got rejected and then fell to the 50 MA (orange line) and we have since been intertwined in the 50 MA which is now acting as resistance which means we are below the 50 MA which is bearish
technically. The cloud gets very thin very soon and I think with the fact that we are under the 50 MA we will likely exit below the cloud. That is technically bearish
as well. RSI
is not really bearish
so it could support a movement either way. Bolinger bands seem to be tightening up which is a sign of volatility
on the horizon. All in all its been a pretty boring week so far. But WTFDIK??