Price has come down after a first test of the Cloud on
the daily timeframe, which was expected. Some slight
bullish divergence on the H1 chart, give Bulls some hope
for another test, which perhaps could be more succesful.
A close above 11000 could take price higher. A daily close
above the Weekly R1 at 11160 would also be bullish. But as
a first step, price needs to break the pattern of lower highs and
lower lows on this timeframe, which would mean taking out the
top at 10700. If price drops below 10150 we might see further
downside towards 9730. Still bullish divergence gives a slight
bias to the upside from here, if we can see a hourly close above the
pivot point at 10545.
the daily timeframe, which was expected. Some slight
bullish divergence on the H1 chart, give Bulls some hope
for another test, which perhaps could be more succesful.
A close above 11000 could take price higher. A daily close
above the Weekly R1 at 11160 would also be bullish. But as
a first step, price needs to break the pattern of lower highs and
lower lows on this timeframe, which would mean taking out the
top at 10700. If price drops below 10150 we might see further
downside towards 9730. Still bullish divergence gives a slight
bias to the upside from here, if we can see a hourly close above the
pivot point at 10545.
