As we can see from the chart there is an indication of both a potential bull flag or pennant forming.
Both patterns are similar origins and breakout, the common charatersitic is the rise in volume when the pole is foming and then it drops off during consolidation then it is followed by an increase in volume during the breakout
It's too soon to confirm anything, will keep looking at the volume and RSI indicators in the 4h and D charts
Looking at the RSI we can see we can see a bearish swing rejection was formed, however I don't think it is realiable as I think we are most likely on a long-term bullish trend.
We can say the RSI is being oversold at 34.4%, thus we could possibly see the formation of a bullish divergence from the already formed bearish swing rejection, which(bullish divergence) in signals rising bullish momentum, which turn conforms to our prevailing long-term bullish trend.
However this is all speculation and wishful thinking and little bias lol
Both NOTHING! is confirmed yet PAITENCE! is key.
Both patterns are similar origins and breakout, the common charatersitic is the rise in volume when the pole is foming and then it drops off during consolidation then it is followed by an increase in volume during the breakout
It's too soon to confirm anything, will keep looking at the volume and RSI indicators in the 4h and D charts
Looking at the RSI we can see we can see a bearish swing rejection was formed, however I don't think it is realiable as I think we are most likely on a long-term bullish trend.
We can say the RSI is being oversold at 34.4%, thus we could possibly see the formation of a bullish divergence from the already formed bearish swing rejection, which(bullish divergence) in signals rising bullish momentum, which turn conforms to our prevailing long-term bullish trend.
However this is all speculation and wishful thinking and little bias lol
Both NOTHING! is confirmed yet PAITENCE! is key.
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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.