On a smaller time frame (4hr) we can see the price is forming a well defined bull flag which is in accordance with the cup and handle pattern forming on the daily chart.
In addition, you'll notice the steep decline in the Stochastic RSI was mirrored by sideways price action. This tells us that buying pressure is waiting to move in.
Lastly, the Ichimoku cloud has begun a bullish twist further indicating a potential upside reversal.
However, if the price breaks through the bottom of the flag, it would signal a strong reversal and a failed cup and handle pattern on the daily charts. Furthermore, if the price runs to the top of the flag, tests the upper trendline, and fails to breakthrough, it could be another warning sign.
These are just bearish variables to pay attention to as the market indecision continues to play out.
In addition, you'll notice the steep decline in the Stochastic RSI was mirrored by sideways price action. This tells us that buying pressure is waiting to move in.
Lastly, the Ichimoku cloud has begun a bullish twist further indicating a potential upside reversal.
However, if the price breaks through the bottom of the flag, it would signal a strong reversal and a failed cup and handle pattern on the daily charts. Furthermore, if the price runs to the top of the flag, tests the upper trendline, and fails to breakthrough, it could be another warning sign.
These are just bearish variables to pay attention to as the market indecision continues to play out.
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