Price has made a false breakout to the downside of the consolidation box on Friday. Price then went down to test the long term trendline where then a bullish reaction took place after trapping sellers. A powerful move up from there making a bullish engulfing to break through resistance (61.8 fibonacci retracement), along with the box region to the upside. Will be watching for a pullback towards previous resistance (blue zone) to test as new support for then a further push higher.
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Commentaire:
D1: Double bottom made, after price has been consolidating for over 5 days. Price tapped the long term trendline once again where buyers built momentum to push price higher quickly. Could be a sign that the bulls are ready to start pushing price higher & quickly.