Currently watching the 4HR timeframe. Price is getting squeezed between these 3 EMA's. 50d EMA holding as support for now and the 20d EMA acting as resistance. Waiting to see where the price reacts in the coming hours/days, while volatility is rather low. I have a bearish bias here as we have broken out of this ascending triangle, had a retest, and failed. Will look for shorts below the 50d ema as this could play out ABC correction pattern. Would look to cover in the green box as this has horizontal price action/trendline support as long as well as coinciding with the daily 20d ema. Will look to cover most of my position and open up longs in this green box region, depending on price action. Possible bullish scenario includes, the MACD/RSI bottoming out. If we get a clean break of the 20d ema, MACD crossover, and higher high on RSI, I will look for a long scalp up to the previous counter trendline.
Happy Saturday!
JG
Happy Saturday!
JG