Price is trading in a well defined Pitchfork channel with the
anchor on Dec 8 low when the pair traded below 400. Currently
price is being supported by the medium line and the Daily pivot
point at 1190 after setting in a nice bullish engulfing during
late Asia session. This could spark more upside if we see a close
above the Weekly R1 at 1250. If price extends above the upper
band it is regarded as overbought, with high risk of a pullback.
Price did test the 3rd quartile and the Weekly pp on Jan 8 and and
has since, shot up and hit the Weekly R2, price action typical for
a bullish market, so chances are we will see upward coninuation
from here. Bulls do not want to see a close below the low of the
Bullish engulfing candle at 1080, which could expose the lower
band of the Pitchfork and if a break below cause a trendshift.
******
If you want to support this channel check out the
profile page at the top for details. Thanks.
******
anchor on Dec 8 low when the pair traded below 400. Currently
price is being supported by the medium line and the Daily pivot
point at 1190 after setting in a nice bullish engulfing during
late Asia session. This could spark more upside if we see a close
above the Weekly R1 at 1250. If price extends above the upper
band it is regarded as overbought, with high risk of a pullback.
Price did test the 3rd quartile and the Weekly pp on Jan 8 and and
has since, shot up and hit the Weekly R2, price action typical for
a bullish market, so chances are we will see upward coninuation
from here. Bulls do not want to see a close below the low of the
Bullish engulfing candle at 1080, which could expose the lower
band of the Pitchfork and if a break below cause a trendshift.
******
If you want to support this channel check out the
profile page at the top for details. Thanks.
******