We are sitting on a prior consolidation level (230-235).
These are the possible outcomes:
Last time market retested such a major consolidation level from above,
OBV was in a downtrend, thus price continued the downtrend.
Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a bullish resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large volume is required to create a convincing breakdown.
Check out the charts linked bellow for more details about my bullish bias here.
Cheers : ]
These are the possible outcomes:
- 235 holds, we break up, inverse H&S resolves, target 280-290
- 235 breaks resulting in a meassured move down to 180
Last time market retested such a major consolidation level from above,
OBV was in a downtrend, thus price continued the downtrend.
Rightnow we have a similar situation only that OBV is in an uptrend.
This may be a hint for a bullish resolution of this situation.
Also we have a tripple bottom with long wicks at this level, suggesting strong support.
Large volume is required to create a convincing breakdown.
Check out the charts linked bellow for more details about my bullish bias here.
Cheers : ]
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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.