On the 4 hour chart, things looks quite interesting. For the past few days, the prices had neatly been tested on the faster EMA level.
However, on the daily chart, the spread between the slower MA and the faster EMA shows quite a considerable distance.
The trend line has been tested a few times and each time confirming the uptrend. The counter-trend and trend line forms a symmetrical triangle and that's where I think it forms a potential breakout.
I won't chase this trade yet. Daily chart does not confirm with my idea right now. I will wait for the MA to slope towards the EMA until I see a crossover on the daily chart.
I think a good entry price might be at $1043-$1046.
Target price base on fib level is at $1250
If it breaks on previous ath, we can reach $1600 easy. But momentum and demand for this is quite low for now. Don't see that happening in this short timeframe.
Support level at $985
However, on the daily chart, the spread between the slower MA and the faster EMA shows quite a considerable distance.
The trend line has been tested a few times and each time confirming the uptrend. The counter-trend and trend line forms a symmetrical triangle and that's where I think it forms a potential breakout.
I won't chase this trade yet. Daily chart does not confirm with my idea right now. I will wait for the MA to slope towards the EMA until I see a crossover on the daily chart.
I think a good entry price might be at $1043-$1046.
Target price base on fib level is at $1250
If it breaks on previous ath, we can reach $1600 easy. But momentum and demand for this is quite low for now. Don't see that happening in this short timeframe.
Support level at $985
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4H chart
