To expand a little on my previous chart, let's look at the 1H. We can see we're coming from an uptrend. We see higher highs and higher lows forming after a series of up movements and consolidations, or down movements and consolidations. These consolidations are usually flags (chart pattern). We're are at a point where the current local direction is unclear. If we are able to go above the red line ($9200), then it will be another consolidation. However, if we start moving downwards, then that means we're at a local lower high, and closing below $8200 (aprox.) would mean the beginning of a local downtrend, which could snowball into something bigger.
We see the RSI just touched the overbought zone, although this alone doesn't mean much and it's unlikely it could affect the price in any major way.
In the bullish scenario, we still have the high liquidity possibility I mention in my previous chart, so I would recommend not getting too confident until we are able to close above $10500, at least.
We see the RSI just touched the overbought zone, although this alone doesn't mean much and it's unlikely it could affect the price in any major way.
In the bullish scenario, we still have the high liquidity possibility I mention in my previous chart, so I would recommend not getting too confident until we are able to close above $10500, at least.
