Indicators and Drawings Used
Channels are used to understand key levels and movement trends.
Volume is used to understand if it’s bullish or bearish movement
Daily EMA used as the key trend indicator with readings of 13 and 21. In addition in lower time frames the same EMA of chart interval is used. EMA is a lagging indicator.
RSI of 14 is used as the oscillator indicator. RSI is a leading indicator.
Fear and Greed
Current index value is 52. This has been fluctuating within the neutral zone for 3 weeks now. This is reflecting indecisive nature from investors.
Monthly Chart
Price Action
Seems May is going to close as a bearish candle. This can be the start of a reversal for the mini trend we had since January.
Volume
Trading volume has not been great so far this month, similar to last month. Reduction of trading volume is significant for the last 2 months. So the prior 9 months would have been the bottom accumulation.
EMA
Still the 13 EMA is below 21 EMA, this reflects that we are still in bearish trend.
RSI
Not logical to analyse due to lack of data
What to watch
The US government has an agreement in principle to raise the debt ceiling. This can lead to quantitative easing which can result a uptrend in price action.
Weekly Chart
Price Action
Week closed on a strong green candle reflecting a strong body.
Volume
Trading volume does not coincide with the candle body. Hence the bullish nature of the candle is questionable. Trading volume is minimal and at the same level for the last 9 weeks.
EMA
Price has been above Weekly EMA 31/21 since January. As suggested, the price found support on 13 EMA.
RSI
RSI barely touched the overbought area in April, now indicates it’s going back towards oversold.
What to watch
Weekly price action is still within the chanell, this need to be kept under review.
Daily Chart
Price Action
Mini consolidation within the triangle broke toward the down side. Price then found support on the channel. On Sunday it showed a heavy price change. This is mostly fueled by retail investors. Also Price Action created consecutive lower lows.
Volume
Trading volume has been minimal and at the same level for the last 50+ days.
EMA
Price has broken through the EMA resistance after many attempts. However EMA 13 is still below EMA 21.
RSI
Recent price action has pushed RSI back towards upward.
What to watch
EMA 13 needs to come above EMA 21, if not this can lead to another bearish trend. Price can make the third lower low and can be still within the price channel.
4Hr Chart
Price Action
Price is fluctuating within the channel. Price found support on the bottom line, and then broke through the midline and retesting it as support.
Volume
Trading volume has been similar throughout the chart with few exceptions.This indicates a more neutral outlook.
EMA
The EMA 13/21 band has turned bullish. Price is trying to find support on EMA 13 which is close to the midline of the channel.
RSI
RSI has come back to over brought area
What to watch
Waiting to see if price can find support. Then it may show some strong price action towards topline of the channel.
1Hr Chart - 15 Min Chart
I do not review short time frames. But if you are a trader these are time frames you need to analyse based on your trading strategy.
Channels are used to understand key levels and movement trends.
Volume is used to understand if it’s bullish or bearish movement
Daily EMA used as the key trend indicator with readings of 13 and 21. In addition in lower time frames the same EMA of chart interval is used. EMA is a lagging indicator.
RSI of 14 is used as the oscillator indicator. RSI is a leading indicator.
Fear and Greed
Current index value is 52. This has been fluctuating within the neutral zone for 3 weeks now. This is reflecting indecisive nature from investors.
Monthly Chart
Price Action
Seems May is going to close as a bearish candle. This can be the start of a reversal for the mini trend we had since January.
Volume
Trading volume has not been great so far this month, similar to last month. Reduction of trading volume is significant for the last 2 months. So the prior 9 months would have been the bottom accumulation.
EMA
Still the 13 EMA is below 21 EMA, this reflects that we are still in bearish trend.
RSI
Not logical to analyse due to lack of data
What to watch
The US government has an agreement in principle to raise the debt ceiling. This can lead to quantitative easing which can result a uptrend in price action.
Weekly Chart
Price Action
Week closed on a strong green candle reflecting a strong body.
Volume
Trading volume does not coincide with the candle body. Hence the bullish nature of the candle is questionable. Trading volume is minimal and at the same level for the last 9 weeks.
EMA
Price has been above Weekly EMA 31/21 since January. As suggested, the price found support on 13 EMA.
RSI
RSI barely touched the overbought area in April, now indicates it’s going back towards oversold.
What to watch
Weekly price action is still within the chanell, this need to be kept under review.
Daily Chart
Price Action
Mini consolidation within the triangle broke toward the down side. Price then found support on the channel. On Sunday it showed a heavy price change. This is mostly fueled by retail investors. Also Price Action created consecutive lower lows.
Volume
Trading volume has been minimal and at the same level for the last 50+ days.
EMA
Price has broken through the EMA resistance after many attempts. However EMA 13 is still below EMA 21.
RSI
Recent price action has pushed RSI back towards upward.
What to watch
EMA 13 needs to come above EMA 21, if not this can lead to another bearish trend. Price can make the third lower low and can be still within the price channel.
4Hr Chart
Price Action
Price is fluctuating within the channel. Price found support on the bottom line, and then broke through the midline and retesting it as support.
Volume
Trading volume has been similar throughout the chart with few exceptions.This indicates a more neutral outlook.
EMA
The EMA 13/21 band has turned bullish. Price is trying to find support on EMA 13 which is close to the midline of the channel.
RSI
RSI has come back to over brought area
What to watch
Waiting to see if price can find support. Then it may show some strong price action towards topline of the channel.
1Hr Chart - 15 Min Chart
I do not review short time frames. But if you are a trader these are time frames you need to analyse based on your trading strategy.