Price has not yet closed below the Cloud, even during the
big crypto sell off in early feb. On feb 11 it managed to close
above the lower Cloud and is since in a consolidation within
it. Today we can see a pinbar right at the Weekly pivot point
and if it close above that level, 121.40, we might see another
attempt to pierce the Cloud to the upside. The projected Cloud
is still bearish, which will decrease the chances for an immediate
push higher above it. The MACD indicator is bullish. Bulls would
like to see a strong candle to the upside and close above the
Monthly pp at 138.8 and the Weekly R1at 141.9 but will still be
content with further consolidation and drifting higher inside the
Cloud, awaiting a Cloud twist, which would align the energy and
see a greater chance for follow through if a breakout higher
happens. Only a close below 114.57 will shift focus to the downside
were we have support at 105 and 94 and then 79.5-84 zone. Of course
a break above the wide channel with a close, is desirable for
bulls and as I see it, chances are higher for a break above if
we see the current formed pinbar close like this. A close below
the Weekly pp today would shift that bias to a test of the lower
Cloud.
Overall, price has recovered well since the low with over 100% and
I think the current low at 63.6 will stand in the medium term
at least.
big crypto sell off in early feb. On feb 11 it managed to close
above the lower Cloud and is since in a consolidation within
it. Today we can see a pinbar right at the Weekly pivot point
and if it close above that level, 121.40, we might see another
attempt to pierce the Cloud to the upside. The projected Cloud
is still bearish, which will decrease the chances for an immediate
push higher above it. The MACD indicator is bullish. Bulls would
like to see a strong candle to the upside and close above the
Monthly pp at 138.8 and the Weekly R1at 141.9 but will still be
content with further consolidation and drifting higher inside the
Cloud, awaiting a Cloud twist, which would align the energy and
see a greater chance for follow through if a breakout higher
happens. Only a close below 114.57 will shift focus to the downside
were we have support at 105 and 94 and then 79.5-84 zone. Of course
a break above the wide channel with a close, is desirable for
bulls and as I see it, chances are higher for a break above if
we see the current formed pinbar close like this. A close below
the Weekly pp today would shift that bias to a test of the lower
Cloud.
Overall, price has recovered well since the low with over 100% and
I think the current low at 63.6 will stand in the medium term
at least.
