An ascending wedge has started to form on the 4 hr chart and it seems that there's gonna be another bear run. It may be that there's gonna be another low before we fully rebound.
Although the MACD has not crossed yet which may be indicative of more bullish momentum, they are repeatedly testing the resistance and failing to do so - There seems to be strong resistance at the 830s line(61.8%) and we have repeated tested that line for the past two days and there is strong possibility that we will make a bear break once again and test the 550s level.
There have also been other analysis that head/shoulders formation is forming based on different timeline charts but it just seems to be that the price-action has just stopped at this point and people are speculating and the exuberance has died down for now.
In any case, watch for the breakout and re-act accordingly or set limit-stop losses/stop losses. :D
Just a beginner starting out, any feedback would be welcomed!
Thanks and happy trading.
Although the MACD has not crossed yet which may be indicative of more bullish momentum, they are repeatedly testing the resistance and failing to do so - There seems to be strong resistance at the 830s line(61.8%) and we have repeated tested that line for the past two days and there is strong possibility that we will make a bear break once again and test the 550s level.
There have also been other analysis that head/shoulders formation is forming based on different timeline charts but it just seems to be that the price-action has just stopped at this point and people are speculating and the exuberance has died down for now.
In any case, watch for the breakout and re-act accordingly or set limit-stop losses/stop losses. :D
Just a beginner starting out, any feedback would be welcomed!
Thanks and happy trading.
Although there has been an increase in the MACD, which is a positive sign, the dwindling volume is worth taking notice and important to be wary of.
I still wouldn't be any positions as of now as there is no signs to be sure.
Also on the update of Chinese New Years, which is still another week, I'd still imagine that there be another week of bearish trend at least.