Quick analysis starting from the extremely large bullish engulfing at 03:00. 11 Candles
Price reached new highs with a lot of volume. This high volume with new highs makes me think that Price would like to continue up.
Let's look at the next candles though.
Candle 2 is a shooting star followed by a spinning top. These two candles can be a sign of a reversal. As you can see, price continued to go up. Pay attention to the wick on candle two. This later becomes an area of resistance.
Candles 5 and 6 are bullish and bring price back up to that previous wicked area. Candles 6 and 7 create a Piercing Pattern. Pay attention also to how the price wicks up and comes back down.
Candle 8 is almost like a shooting star- a long upper wick which pushes price back down. Volume shows that the bulls may be losing some strength.
Candle 9 could be considered a hanging man-small body and long lower wick at resistance. This can be a bullish signal.
Candle 10 touches the Resistance again.
Let's see where candle 11 goes. Possibly Bearish?
Price reached new highs with a lot of volume. This high volume with new highs makes me think that Price would like to continue up.
Let's look at the next candles though.
Candle 2 is a shooting star followed by a spinning top. These two candles can be a sign of a reversal. As you can see, price continued to go up. Pay attention to the wick on candle two. This later becomes an area of resistance.
Candles 5 and 6 are bullish and bring price back up to that previous wicked area. Candles 6 and 7 create a Piercing Pattern. Pay attention also to how the price wicks up and comes back down.
Candle 8 is almost like a shooting star- a long upper wick which pushes price back down. Volume shows that the bulls may be losing some strength.
Candle 9 could be considered a hanging man-small body and long lower wick at resistance. This can be a bullish signal.
Candle 10 touches the Resistance again.
Let's see where candle 11 goes. Possibly Bearish?