Yesterday I said that Candle close above $6500 would confirm bullish price action! - and the 7th attempt was successful to break this level in the 1h chart! After the breakout whales push the price back down to $6320 level to sort out tight stop traders and then price quickly pops up our mentioned resistance which was $6650. At the moment we could see on the chart that HH & HL formations are clean and the price moves nicely on the upwards channel! Before we go and climb up to the next resistance level ($6900-$7000) we could 'want' to retest the round number $6500 and definitely have to fight through from $6670!
But, IF the price breaks through the support level $6500 then we might go and retest $6100-$6300.
I thinking that bulls are on the market at the moment and ready to climb a little bit more, so let's see what the market offers to us!
To be continued....
Leave a comment and hit the LIKE button if You agree with me!!
But, IF the price breaks through the support level $6500 then we might go and retest $6100-$6300.
I thinking that bulls are on the market at the moment and ready to climb a little bit more, so let's see what the market offers to us!
To be continued....
Leave a comment and hit the LIKE button if You agree with me!!
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At the moment we see in 15 min chart Bull Flag, but this is almost too long to be the correct bull flag. We have to breakout from this very soon to get our bullish momentum/confirmation! Bottom flag line supported with EMA's and slight bullish sign is also 100 & 200 EMA corrsover
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If we don't make breakout right away then keep an eye on $6500 and the trendline crossing area! One possible reversal point!
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EDUCATION LESSON:
To avoid the trendline drawing mistakes - If you start drawing the trendline from your starting point A and up to your ending point B have to be the same style. If you start drawing your trendline from a wick then it has to be ending on the wick, not in the body like an example on the image below. Also if you start drawing from the body then this has to end on the body.
To avoid the trendline drawing mistakes - If you start drawing the trendline from your starting point A and up to your ending point B have to be the same style. If you start drawing your trendline from a wick then it has to be ending on the wick, not in the body like an example on the image below. Also if you start drawing from the body then this has to end on the body.
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Hopefully, Your eye is now on this area! Very interesting price action firstly we got a small breakout in 15 min. chart from the bull flag and the sellers quickly step into play! Now we are this crossing area and let's see if we get from here buyers momentums! Interesting, interesting :)
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This is very good sign that we don’t have close below $6500 in q-hour chart! But sad thing is this when we staying here for a long the the probabilities to drop below $6500 increasing but at the moment looks okay!
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...and we are still in this small channel down...this is not the bull flag anymore. If it is then its a very-very long flag :D
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