Observations:
We have lower highs of late
We have not had a higher high, we are waiting for the daily green candle to pass the previous green hight of 6838
We have immediate resistances, horizontal resistance, wedge resistances and trending resistance
The pressure is downwards (selling) with the higher lows but the lower highs give the bulls a chance towards the up and coming resistance.
6844 is the fib 0.618 resistance as well as the previous resistances
Daily RSI indicates we are approaching overbought conditions
My forecast on RSI is as per the diagram and if it set true, then we will have a sell off and head to probably the last known bottom of 6121 or above. I'm going to put my reservations around here.
Note: I am moving away from trend lines and leaning more towards candle sticks, MA and RSI in this analysis. No wave patterns.
Please note this is no advise to anybody just sharing my ideas.
Also if at any time we have a green that passes the top resistance red line, then my forecast is void. Not applicable and hence new conditions need to be accessed.
Please "like" if you agree or appreciate it and all commentary welcomed.
We have lower highs of late
We have not had a higher high, we are waiting for the daily green candle to pass the previous green hight of 6838
We have immediate resistances, horizontal resistance, wedge resistances and trending resistance
The pressure is downwards (selling) with the higher lows but the lower highs give the bulls a chance towards the up and coming resistance.
6844 is the fib 0.618 resistance as well as the previous resistances
Daily RSI indicates we are approaching overbought conditions
My forecast on RSI is as per the diagram and if it set true, then we will have a sell off and head to probably the last known bottom of 6121 or above. I'm going to put my reservations around here.
Note: I am moving away from trend lines and leaning more towards candle sticks, MA and RSI in this analysis. No wave patterns.
Please note this is no advise to anybody just sharing my ideas.
Also if at any time we have a green that passes the top resistance red line, then my forecast is void. Not applicable and hence new conditions need to be accessed.
Please "like" if you agree or appreciate it and all commentary welcomed.
Trade active:
Overall still heading towards the wedge bottom resistance as long as these volumes exist. Just below 6200 or there abouts. Still have my orders there. 1 Day chart >
Trade active:
Using the 8hrly chart, more sideways trading but we are getting lower highs. Its a shame the volume is not convincing. I think people are holding back\cautious because we all want to buy low. However time is running out before the major breakout > with ETF announcement, major developments with institution money, ETH potential upgrade, etc. I'm bearish.
Comment:
Forgot to mention the RSI and MACD looks good.
Trade active:
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This community has signals now but with no risk management comms.
Telegram: t.me/TprospaTradersbot
This community has signals now but with no risk management comms.
We have close to 50% Fib retracement and the 6550 strong resistance
6550 can also act as a resistance as we are below the MA20 moving average.
RIS is in oversold conditions however volumes are low. RSI is not a good indicator in bearish conditions.
MACD in no-mans land
The momentum or easier path from here is still downwards.
I see it hitting 6500 support and depending on the rate of drop will determine if its to bounce or move further down to 6450 strong support.
I'm still bearish based on what the charts say.