Good morning, traders. Price dropped a bit lower yesterday, as I noted in Discord was a possibility as the day played out, but the TR remains reaccumulation with uprise since we still have higher lows consolidating toward the resistance at the top of the TR. This means that I really don't have anything to add on the lower TF analysis. So, I want to remind you that I have been watching this larger pattern at $9000 play out similarly to the pattern at $5000. Currently, price is printing the smaller consolidation on top of the larger consolidation as it did previously. If price continues to follow the pattern, then we can expect a move to ~$9,700, rejection and retracement toward ~$9100, followed by a push through $10,000. Obviously this is a big "if" and traders should continue to adhere to strict risk management. We also have to remember that patterns follow along generally, not exactly.
The 4H RSI is bullish at 53.5 and is printing a descending channel. It is nearing a breakout of the channel resistance. Stoch RSI is still oversold. We can see how the price action, RSI, and Stoch RSI align between the two patterns. The only thing we don't know for sure is how high price will push if the pattern continues playing out. These past few weeks, I have given traders multiple targets to watch based on patterns, pivots, parabolic blow off top, and fib levels. However, I still believe the most important target is the 2018 descending wedge target of ~$14,500. With that in mind, if we see a strong vertical push occur, then we usually expect price to top out around the 4H R5 pivot (could go a bit higher). The short horizontal red lines denote the R5 pivots at the previous pushes and we can see that is exactly what happened. Currently, that would mean that we could expect price to top just above the current R5 pivot of $13,830. As such, the descending wedge target is not out of the picture.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
The 4H RSI is bullish at 53.5 and is printing a descending channel. It is nearing a breakout of the channel resistance. Stoch RSI is still oversold. We can see how the price action, RSI, and Stoch RSI align between the two patterns. The only thing we don't know for sure is how high price will push if the pattern continues playing out. These past few weeks, I have given traders multiple targets to watch based on patterns, pivots, parabolic blow off top, and fib levels. However, I still believe the most important target is the 2018 descending wedge target of ~$14,500. With that in mind, if we see a strong vertical push occur, then we usually expect price to top out around the 4H R5 pivot (could go a bit higher). The short horizontal red lines denote the R5 pivots at the previous pushes and we can see that is exactly what happened. Currently, that would mean that we could expect price to top just above the current R5 pivot of $13,830. As such, the descending wedge target is not out of the picture.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
You can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
