Price has turned bullish on Weekly timeframe, following a Kumo Cloud breakout.
However the lagging span is not trading above price yet. As it looks, next week will give that
confirmation, unless something dramatic happens on the bearish side to the pair.
Meanwhile, on the daily timeframe we can see that price has entered the cloud from a bearish
period, which looks more like a retracement and contraction than a clean shift of trend. This may
be a hint that it is the weekly timeframe that is having a cooling effect on bear enthusiasm.
Also, the MACD indicator on the weekly timeframe is likely to make a bullish cross next week
if this week is flat or lightly up or down.
A strategy to enter long from a weekly perspective, using daily timeframe for fine tuning, it would
be perfect if friday close will be a bullish Kumo Cloud breakout along with a bullish twist of the
projected cloud. Chances are this will give a bump to price and a weekly leg up. It is still early but
traders should be mindful of the current critical situation. This may also end a couple of years contraction
in the pair which surely have built up alot of energy that will be unleashed. So keep an eye on friday close.
However the lagging span is not trading above price yet. As it looks, next week will give that
confirmation, unless something dramatic happens on the bearish side to the pair.
Meanwhile, on the daily timeframe we can see that price has entered the cloud from a bearish
period, which looks more like a retracement and contraction than a clean shift of trend. This may
be a hint that it is the weekly timeframe that is having a cooling effect on bear enthusiasm.
Also, the MACD indicator on the weekly timeframe is likely to make a bullish cross next week
if this week is flat or lightly up or down.
A strategy to enter long from a weekly perspective, using daily timeframe for fine tuning, it would
be perfect if friday close will be a bullish Kumo Cloud breakout along with a bullish twist of the
projected cloud. Chances are this will give a bump to price and a weekly leg up. It is still early but
traders should be mindful of the current critical situation. This may also end a couple of years contraction
in the pair which surely have built up alot of energy that will be unleashed. So keep an eye on friday close.