Hi Traders,
So currently we've seen push lower to the 200MA which we spoke about acting as support on our last post. Currently we're seeing increased volume at this level which is an indication od increased buying of orders as there has also been support of increased buy volume. There has been buying up of order occurring at the three points circled in red. In addition to this price has also rejected the bullish trend line drawn and can be seen on the Daily chart.
At a more macro level we will want to see price push up and close above the second trend line on the hourly chart. Some confirmation of a rejection wick of the top of the second trend line will be ideal. Once and if this occurs we will then want to see push towards the top trend line where we will want to see the same action occur where price breaks and closes above to continue bullish.
On the other hand price can come down and break the very bottom trend line, if it closes below then its a potential indication that prices will come down further. Price Amy also enter a small range between the bottom and middle trend lines with liquidity being tapped into below and above those trend lines. The key scenario which will give more indication of the direction price wants to go is on the closes of the candles once they break either way from those trend lines.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
So currently we've seen push lower to the 200MA which we spoke about acting as support on our last post. Currently we're seeing increased volume at this level which is an indication od increased buying of orders as there has also been support of increased buy volume. There has been buying up of order occurring at the three points circled in red. In addition to this price has also rejected the bullish trend line drawn and can be seen on the Daily chart.
At a more macro level we will want to see price push up and close above the second trend line on the hourly chart. Some confirmation of a rejection wick of the top of the second trend line will be ideal. Once and if this occurs we will then want to see push towards the top trend line where we will want to see the same action occur where price breaks and closes above to continue bullish.
On the other hand price can come down and break the very bottom trend line, if it closes below then its a potential indication that prices will come down further. Price Amy also enter a small range between the bottom and middle trend lines with liquidity being tapped into below and above those trend lines. The key scenario which will give more indication of the direction price wants to go is on the closes of the candles once they break either way from those trend lines.
As always if you enjoy the content don't forget to click the like button and make a comment on your opinion.
Thanks
MS
⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️⬇️
