The 4 hour chart shows us that price has actually been printing a pennant, above the horizontal channel, on the larger time frame. A breach of the top of that pennant should have price targeting the top of the cloud at around $7960, based on the flagpole leading up to it. We can see that RSI is bullish, but is also continuing to find resistance at the 62 area. A breach of this level should coincide with a breach of the pennant's resistance. %B is also bullish at 0.8332. MACD appears to be ready to pull away from the signal line again, sitting bullishly above that line and on the bullish side of centerline.
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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.