When it comes to the daily time frame, the ascending triangle in MACD remains compelling, as it began in January while prices were falling. Since then we've seen higher lows consolidating toward that resistance area. Because MACD is a momentum oscillator, and it is showing us that bullish momentum has been building for the past 5 months toward a resistance point, traders should be prepared for a significant acceleration of price appreciation if it happens to push through that resistance. The daily candle isn't too pretty at the moment, however bulls can find hope in the size of the lower wick. As the day draws out, if price continues higher then that lower wick will increase in size. This signifies that the bears don't have as much strength as people are proclaiming (they were able to bring prices lower for a short time, but were unable to keep them there). Coming into the weekend, if this were to play out we should expect to see the bulls gain confidence and push price.
Be sure to check out our other charts for the rest of the story.
Be sure to check out our other charts for the rest of the story.
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Related publications
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.