Today's Analysis:
Monthly - Red candle forming, following a decending pattern. Volume has increased with the descent too, and the Stoch RSI is still descending at 44.91/52.06. Bearish.
2wkly - Green candle, and plenty of room to move up, with the volume starting off with bullish momentum. Stoch RSI is ascending at 18.02/9.17. Bullish.
Weekly - Green candle, with volume up too. Stoch RSI ascending at 73.11/49.85. Bullish.
3day - Red candles, with volume going red. Stoch is descending at 83.93/92.43. Bearish candles, but I'm expecting it to go long. Still, appears bearish.
Daily - Red candles, and decreasing volume. Stoch has hit the bottom at 0.00/3.51, and should turn here. Bullish.
18hr - Red candles, but volume is tiny. Stoch has been on the bottom for a while, so should go up soon (0.69/4.90). It appears to have been here for almost ten candles. Bullish.
12hr - Red candles, tiny volume. Stoch has been on the bottom for about 12 candles, and is at 0.4/3.05. Bullish.
8hr - Red candles, but again, little volume. Stoch is at 7.8/11.47, and floating on the bottom. Due to the time on this, I'm ignoring bearish signals and saying bullish.
6hr - Red candle (hanging man) on the bottom. Very low volume. Stoch is 25.97/22.17 and just poking up. Bullish.
4hr - On the bottom. Red candle at present, but a hanging man. Volume low, although slightly more than previously. Stoch is at 59.88/56.35, but the angle is turning from ascending to descending currently. Bearish.
3hr - It's showing a red doji, although it's been on the bottom for a little while. Tiny volume. Stoch is dipping at 52.04/58.56. I'm saying bullish.
2hr - Red doji. Lowish volume. Stoch is looking to dip down a fraction, at 55.25/54.85. Bearish.
1hr - Green doji. Low volume, but looking more up than down. Stoch is resting on 24.55/29.1, so I think it may go up here for
a small amount. Bullish.
45min - Green candle, long wick up. Looks like it might be rising. Volume increasing. Stoch is just pointing up at 14.31/8.35. I judge it as bearish.
30min - Green candle. Increasing volume. Stoch at 23.85/14.13. Bullish.
Summary:
Long term I'm bullish on this, although I do expect it to potentially reverse to the 80xx mark at some stage. Also, seeing the monthly as bearish, it may retouch 7xxx again.
Monthly - Red candle forming, following a decending pattern. Volume has increased with the descent too, and the Stoch RSI is still descending at 44.91/52.06. Bearish.
2wkly - Green candle, and plenty of room to move up, with the volume starting off with bullish momentum. Stoch RSI is ascending at 18.02/9.17. Bullish.
Weekly - Green candle, with volume up too. Stoch RSI ascending at 73.11/49.85. Bullish.
3day - Red candles, with volume going red. Stoch is descending at 83.93/92.43. Bearish candles, but I'm expecting it to go long. Still, appears bearish.
Daily - Red candles, and decreasing volume. Stoch has hit the bottom at 0.00/3.51, and should turn here. Bullish.
18hr - Red candles, but volume is tiny. Stoch has been on the bottom for a while, so should go up soon (0.69/4.90). It appears to have been here for almost ten candles. Bullish.
12hr - Red candles, tiny volume. Stoch has been on the bottom for about 12 candles, and is at 0.4/3.05. Bullish.
8hr - Red candles, but again, little volume. Stoch is at 7.8/11.47, and floating on the bottom. Due to the time on this, I'm ignoring bearish signals and saying bullish.
6hr - Red candle (hanging man) on the bottom. Very low volume. Stoch is 25.97/22.17 and just poking up. Bullish.
4hr - On the bottom. Red candle at present, but a hanging man. Volume low, although slightly more than previously. Stoch is at 59.88/56.35, but the angle is turning from ascending to descending currently. Bearish.
3hr - It's showing a red doji, although it's been on the bottom for a little while. Tiny volume. Stoch is dipping at 52.04/58.56. I'm saying bullish.
2hr - Red doji. Lowish volume. Stoch is looking to dip down a fraction, at 55.25/54.85. Bearish.
1hr - Green doji. Low volume, but looking more up than down. Stoch is resting on 24.55/29.1, so I think it may go up here for
a small amount. Bullish.
45min - Green candle, long wick up. Looks like it might be rising. Volume increasing. Stoch is just pointing up at 14.31/8.35. I judge it as bearish.
30min - Green candle. Increasing volume. Stoch at 23.85/14.13. Bullish.
Summary:
Long term I'm bullish on this, although I do expect it to potentially reverse to the 80xx mark at some stage. Also, seeing the monthly as bearish, it may retouch 7xxx again.
Trade closed: target reached:
This was a very successful plot, although it did drop much further than 7k as planned in the analysis. It actually dropped back to the 3k zone. As you can see from today's charts, the long-term was indeed bullish too, and continues in general to be so.