Hello All!
Let us have a look at the 4H Heiken-Ashi chart! This is an average based candle that shows us the up and down trends with a little less noise. We have come to the bottom of a down channel with two doji candles printing after falling from the triangle. Although we did not see the $70 low, we did see a drop towards the support line of an up trend that has been happening since the low 60s, the 0.5 fib of the recent top of $80. Now, these doji candles might represent a pause in the trend, however at the bottom of this channel should provide a push up and out. The MACD is showing us more negative momentum happening since these higher levels with the price lows higher than the previous range marked by the circles. Selling volume has been slowly diminished throughout this move to the current down channel. $75.90 is the upper range of the channel break with a dip into $69 as the lower range of its support .
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I Wish Good Fortune For Everyone!
Let me know what you think about the price action !
Let us have a look at the 4H Heiken-Ashi chart! This is an average based candle that shows us the up and down trends with a little less noise. We have come to the bottom of a down channel with two doji candles printing after falling from the triangle. Although we did not see the $70 low, we did see a drop towards the support line of an up trend that has been happening since the low 60s, the 0.5 fib of the recent top of $80. Now, these doji candles might represent a pause in the trend, however at the bottom of this channel should provide a push up and out. The MACD is showing us more negative momentum happening since these higher levels with the price lows higher than the previous range marked by the circles. Selling volume has been slowly diminished throughout this move to the current down channel. $75.90 is the upper range of the channel break with a dip into $69 as the lower range of its support .
Thank you all for Likes and Follows!
I Wish Good Fortune For Everyone!
Let me know what you think about the price action !
Comment:
Back tested the down sloping channel!