Market has shown sellers rejection on our drawn support area, same support zone as the 8th January. We can see a long wick and probably a bullish engulfing, moreover the market didn't close any candle below the 1h support, which is indicating the buyers coming in. 15m formed a double bottom with multiple bullish engulfing, a breakout of either side could lead to the run but in my view it looks rather bullish.
what you think would be the next resistance or fallback point ??
Capitalflowsam
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@blackspiderz, Can't say for sure but depends on the bullish momentum, If market start a bullish run our first resistance is 1270.
once it reaches that point then we can decide based on the momentum is strong enough to move further.
natsukoseji
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Is a bullish engulfing candle on the 15MIN enough as indicator? In which timeframe with bullish signs would you see the uptrend confirmed?
Capitalflowsam
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@qatoshi, Definitely not, we must take other things into account. Bullish engulfing are just a confirmation.
but for now by looking at 1h and 4H, it is at a good supporting area. Another thing is looking at 15m, Double bottom + 2 bullish engulfing + market will probably have a breakout to the upside as well. if yes then a retest and buy would be reasonable.