Every time price hits the top of this channel ETH has corrected. Will history repeat itself?
Bearish scenario: Negative divergence on the 4hr RSI and wide divergence on the daily. Inverted hammer on the 4hr. If the next candle close is a lower high, then a reversal is confirmed.
Alternative is a new divergent high to tag the top and then a correction.
XOP has been in a bear market since late March. Bottomed out at 72.35 which is a Fib retracement level. It's been consolidating at 75.50 and has just built a bull flag on the 30min.
Indicators are turning bullish (MACD, Stoch, RSI)
Confirmation would be a break above the purple trendline. Retest from the top and a bounce upward.
Resistance will be the 50 SMA on...
XBI had been in a bear market for months. It tested support at 127.50 multiple times. It finally broke out of it's descending trendline yesterday and back tested it today and found support.
It should pullback a little from the 20SMA on the daily then head higher. Good opportunity to buy on the pullback.
Should hit some resistance around 139.50 which is where the...
BTC looks like it put a double bottom at 52580 (purple support line) and also is breaking out of it's downward trendline (yellow). It's back tested the trendline and building a bull flag.
Next level of resistance should be around 55450 which was a support level.
If it can break above the Moving Averages on the daily, BTC will be back in a bull market.
The current price action in the channel in yellow looks similar to the right shoulder above it. (That too is a large bear flag from the right side of the head)
Looks like the QQQs could to take a bigger hit in the near future unless the price can pull above the current channel (in yellow) or on the other side of the downward trendline (in purple). If it does...
A Head and Shoulders pattern seems to be forming on the 15min chart. Price needs to break above the upper trendline in purple and the bull is back on or close above the left shoulder to break the pattern. Otherwise we may see more downside.