Hi folks,
Since my last update we dropped a just a little bit more and settled right back into the S1 support range (see previous idea).
That small drop has now given us some reversal signals on the 4-hour time frame, and they are also showing on the 6hr time frame as well.
- The RSI is showing a big bullish divergence as price has made lower low while RSI makes a higher low.
- The CMF and Sentiment index are both showing the same bullish divergences which is showing bearish momentum is slowing down while bulls are stepping in.
If you refer to my last idea you will see that price has stopped at a critical juncture and to see the price begin to recover from here is a good sign for the bulls.
However we are far from out of the woods, and more likely than not, this is just a temporary upswing with more downside to follow.
With that said, this spot is a low-risk/high-reward price point to get in with a small buy order.
Set your stop loss about 1-2% below the lowest price point and keep your eye on price in the following days to know when to take some profit.
My green arrow on the chart is simply a guess of where the price can go, I truly have no idea where it will stop so please be careful and do not get too greedy!
Thanks for reading my analysis, and make sure to give it a thumbs up!
Since my last update we dropped a just a little bit more and settled right back into the S1 support range (see previous idea).
That small drop has now given us some reversal signals on the 4-hour time frame, and they are also showing on the 6hr time frame as well.
- The RSI is showing a big bullish divergence as price has made lower low while RSI makes a higher low.
- The CMF and Sentiment index are both showing the same bullish divergences which is showing bearish momentum is slowing down while bulls are stepping in.
If you refer to my last idea you will see that price has stopped at a critical juncture and to see the price begin to recover from here is a good sign for the bulls.
However we are far from out of the woods, and more likely than not, this is just a temporary upswing with more downside to follow.
With that said, this spot is a low-risk/high-reward price point to get in with a small buy order.
Set your stop loss about 1-2% below the lowest price point and keep your eye on price in the following days to know when to take some profit.
My green arrow on the chart is simply a guess of where the price can go, I truly have no idea where it will stop so please be careful and do not get too greedy!
Thanks for reading my analysis, and make sure to give it a thumbs up!
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.
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.