The current situation:
1. Price action does look like it is forming what I predict to be a symmetrical triangle on the hourly chart. It has breached the 15M and 30M 21 moving average, signaling that we may need to fall back on a higher time frame before any upward price action is possible.
Looking at both the 15M and 30M chart, it is apparent that their 21 moving averages have been supporting the price action several times, when price action dipped to and below those levels before another leg up. However, it has NOT done that on the hourly yet so I am eyeing the hourly 21 moving average as the dip before more upward price action.
RSI: there was bearish divergence on hourly chart, which may be driving this pullback to the next level of strong support and guess where that would be? There
There is still possible bearish divergence if an equal or higher high is made on the 15M chart, as the last high on there made an RSI reading of about 82. So that is something look out for because it could be another strong pullback if it plays out.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action does look like it is forming what I predict to be a symmetrical triangle on the hourly chart. It has breached the 15M and 30M 21 moving average, signaling that we may need to fall back on a higher time frame before any upward price action is possible.
Looking at both the 15M and 30M chart, it is apparent that their 21 moving averages have been supporting the price action several times, when price action dipped to and below those levels before another leg up. However, it has NOT done that on the hourly yet so I am eyeing the hourly 21 moving average as the dip before more upward price action.
RSI: there was bearish divergence on hourly chart, which may be driving this pullback to the next level of strong support and guess where that would be? There
There is still possible bearish divergence if an equal or higher high is made on the 15M chart, as the last high on there made an RSI reading of about 82. So that is something look out for because it could be another strong pullback if it plays out.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.