Breakout 5.3RR - Sniper entry + RSI analysis
Price just broke out of a descending channel, which is bullish.
It is ready to break out from a larger timeframe resistance (in yellow)
Based on the trendlines from the RSI, price should be retesting the break of that channel and for a "spring" so that price can break the resistance with force and aggression to the upside.
The spring will be formed from the convergence of multiple supports in the same zone. The POC (in red) is also in that area so we might see a wick touch it.
Here is a better look at the 4H yellow resistance :
I'm taking the price up to the larger term resistance trendline that you can see here on the DAILY timeframe :
And that resistance is also in convergence with the WEEKLY red trendline :
And finally, you could also consider this to be an inverted Head & Shoulders formation on the 15 min timeframe:
It is ready to break out from a larger timeframe resistance (in yellow)
Based on the trendlines from the RSI, price should be retesting the break of that channel and for a "spring" so that price can break the resistance with force and aggression to the upside.
The spring will be formed from the convergence of multiple supports in the same zone. The POC (in red) is also in that area so we might see a wick touch it.
Here is a better look at the 4H yellow resistance :
I'm taking the price up to the larger term resistance trendline that you can see here on the DAILY timeframe :
And that resistance is also in convergence with the WEEKLY red trendline :
And finally, you could also consider this to be an inverted Head & Shoulders formation on the 15 min timeframe:
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.