LAST levels of resistance before getting back above 400
The current situation:
1. Market structure: on the 15M chart, price action has formed a bullish pennant with a measured breakout target of about 385. The moving averages that are acting as resistance between the price action now and 400 are the 4, 6HR 200 moving average and the daily 21 and 50 moving average.
2. Volume: we are seeing consistent buyer volume trending up with the upward price action that is more apparent on the 12HR chart, this is a good sign that more buyers are coming in to push the price upwards.
3. RSI: we do have a pretty high RSI reading to beat on the weekly chart, so if making a higher high on the price chart and NOT on the RSI will create bearish divergence. This is something to be careful of it it happens as a sharp pullback may occur just like with BTC in the previous dump this month.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Market structure: on the 15M chart, price action has formed a bullish pennant with a measured breakout target of about 385. The moving averages that are acting as resistance between the price action now and 400 are the 4, 6HR 200 moving average and the daily 21 and 50 moving average.
2. Volume: we are seeing consistent buyer volume trending up with the upward price action that is more apparent on the 12HR chart, this is a good sign that more buyers are coming in to push the price upwards.
3. RSI: we do have a pretty high RSI reading to beat on the weekly chart, so if making a higher high on the price chart and NOT on the RSI will create bearish divergence. This is something to be careful of it it happens as a sharp pullback may occur just like with BTC in the previous dump this month.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
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