Yesterday I told you if price broke above the $6,280 resistance, it'd likely reach at least $6,629. Here’s yesterday's chart with the scenarios I outlined:
Today, scenario 1 played out perfectly. If you took that trade, congratulations. If not, don’t worry about it. There'll be plenty of opportunity going forward.
Looking at the 4 hour chart, we can see price rose above the 50 day MA and 55 day EMA. If a 4 hour candle opens and closes above the 55 day EMA, that'll be a good sign of the market continuing to strengthen.
The 4 hour chart also revels hidden bearish divergence on the RSI and MACD. This suggests we might see a correction in the near future. If price can remain above $6,300, I’ll remain bullish in the short term.
If we pull our fib from the $7,150 high to the $5,870 low, we can see price bounced perfectly off the 0.618 fib. In the short term, I see 2 possible scenarios.
SCENARIO 1:
SCENARIO 2:
In today’s video update, you can watch me close my trade from yesterday in real time, find out where I think price might go in the short and long term, review traps to avoid and MUCH more. If you’re not watching my videos, you’re only getting a small part of the story.
Video Analysis:
If you’re viewing this on a site other than Steemit, and you don’t see the above video, navigate to Steemit or TIMM (https://mentormarket.io/profile/@workin2005?aff_id=Workin2005) in order to watch.
BIAS:
Short Term: Slightly Bullish
Longterm: Very Bullish
I hope this has been helpful. I’d be happy to answer any questions in the comment section below. Until next time, wishing you safe and profitable trading!
Workin
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by Workin2005
