Good morning, traders. So far, we are seeing price play out its part perfectly. After the triangle failed yesterday, we immediately went into flag mode which I described in yesterday's TV update and YouTube video update. As a matter of fact, price reacted exactly as I outlined it would if it took that path. I gave our premium Discord members a target of $9050-$9100 which is where price has bounced this morning. We now have multiple bullish engulfing candles possibly printing across various TFs.
The 1H RSI printed bullish divergence in oversold prior to this pop up. We can see that RSI is above its resistance now, as well, while Stoch RSI is nearing a bullish cross. Price bounced off the S1 pivot and the descending broadening wedge resistance is less than a stone's throw away. A break above that should put ~$9900 in play. That will bring price back up to the 3 week TR support and descending channel resistance. A break above that resistance should put the next target at $1500 above the point of breach.
If you zoom out to the 4H, you will see RSI nearing its own resistance while just now pushing above oversold. Stoch RSI on the 4H TF is attempting to push out of oversold as well. These indicators have a long way to run now, so price has a potentially clear path much higher on this TF. Price is on the path to potentially printing a bullish engulfing candle on this TF as well. Zooming out further, to the 12H TF, shows price printing a bullish engulfing candle (but there's another 11 hours left til candle close) so far. We can see two levels of RSI resistance noted with RSI recently bouncing just above oversold and currently nearing the lower resistance. Stoch RSI is oversold and attempting to curl up. You can clearly see the declining volume across the past 3 weeks on this TF which signals supply exhaustion, indicating that we should be headed up in the larger picture, not down. We have the potential to print a very bullish daily candle.
I have, once again, outlined the current TR (dark blue horizontal lines) as it appears to be reaccumulation. The 1D RSI is potentially printing that hidden bullish divergence I've been talking about for a few days now. Watch for RSI to break through its resistance. Stoch RSI is bottomed out, flat, as well. Price has printed the flag support at this time. I have previously discussed targets based on the pennant or flag successfully printing, but I will mention them again as price nears the flag resistance.
Failure of price to overcome the descending broadening wedge resistance, descending channel resistance, 4H pivot, or the various TF RSI resistances noted above should result in much more caution amongst traders. While I do not expect there to be any issues, and I see price having little-to-no trouble reaching the top of the TR, we have to always be prepared for things not going our expected way.
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Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
The 1H RSI printed bullish divergence in oversold prior to this pop up. We can see that RSI is above its resistance now, as well, while Stoch RSI is nearing a bullish cross. Price bounced off the S1 pivot and the descending broadening wedge resistance is less than a stone's throw away. A break above that should put ~$9900 in play. That will bring price back up to the 3 week TR support and descending channel resistance. A break above that resistance should put the next target at $1500 above the point of breach.
If you zoom out to the 4H, you will see RSI nearing its own resistance while just now pushing above oversold. Stoch RSI on the 4H TF is attempting to push out of oversold as well. These indicators have a long way to run now, so price has a potentially clear path much higher on this TF. Price is on the path to potentially printing a bullish engulfing candle on this TF as well. Zooming out further, to the 12H TF, shows price printing a bullish engulfing candle (but there's another 11 hours left til candle close) so far. We can see two levels of RSI resistance noted with RSI recently bouncing just above oversold and currently nearing the lower resistance. Stoch RSI is oversold and attempting to curl up. You can clearly see the declining volume across the past 3 weeks on this TF which signals supply exhaustion, indicating that we should be headed up in the larger picture, not down. We have the potential to print a very bullish daily candle.
I have, once again, outlined the current TR (dark blue horizontal lines) as it appears to be reaccumulation. The 1D RSI is potentially printing that hidden bullish divergence I've been talking about for a few days now. Watch for RSI to break through its resistance. Stoch RSI is bottomed out, flat, as well. Price has printed the flag support at this time. I have previously discussed targets based on the pennant or flag successfully printing, but I will mention them again as price nears the flag resistance.
Failure of price to overcome the descending broadening wedge resistance, descending channel resistance, 4H pivot, or the various TF RSI resistances noted above should result in much more caution amongst traders. While I do not expect there to be any issues, and I see price having little-to-no trouble reaching the top of the TR, we have to always be prepared for things not going our expected way.
_____________________________________________________________
Be sure to hit the "thumbs up!"
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own. When you do, be sure to explore the other TFs to see what I'm watching on those TFs.
