Price has bounced off the Kumo Cloud without struggle.
On the monthly tf price was rejected by the cloud. On the
weekly tf a bearish MACD cross is brewing. We can see here
that MACD indicator is also bearish. There is also a H&S pattern
with a target just below 1.16. One can also imagine a larger
H&S pattern if the current upswing takes the shape of a right
shoulder following the shape of the cloud. It is a tricky and
interesting situation right now. Do we have a long term high
in place or is there more upside coming?That price bounced
off the cloud with such precision, must be a warning to bears.
If you are a bull and don´t care much about the H&S pattern,
but wants to add to longs or want to scalp on the longside,
the current low can be used, and the ascending cloud, for
stops. The monthly lower Kumo cloud stands at 1.1880. A
close inside the cloud this month, may trigger more upside,
in coming months.
On the monthly tf price was rejected by the cloud. On the
weekly tf a bearish MACD cross is brewing. We can see here
that MACD indicator is also bearish. There is also a H&S pattern
with a target just below 1.16. One can also imagine a larger
H&S pattern if the current upswing takes the shape of a right
shoulder following the shape of the cloud. It is a tricky and
interesting situation right now. Do we have a long term high
in place or is there more upside coming?That price bounced
off the cloud with such precision, must be a warning to bears.
If you are a bull and don´t care much about the H&S pattern,
but wants to add to longs or want to scalp on the longside,
the current low can be used, and the ascending cloud, for
stops. The monthly lower Kumo cloud stands at 1.1880. A
close inside the cloud this month, may trigger more upside,
in coming months.