On the 4 hours chart, there are 2 levels to watch at carefully which are the following :
UPSIDE. : 45'200
DOWNSIDE : 43'000
Indeed, a sustainable breakout of one of those 2 levels, would :
1) either confirm further upside (in breaking the former high @ 45'137 which would open the door for higher levels towards the top of the weekly clouds area, currently @ 45'937, by the way the upcoming weekly closing level will also be very important to look at as it may or may not validate the breakout of the upside weekly to clouds resistance level !
2) confirm the failure to maintain its upside bias in crossing down below the ongoing support trend line (around the 43'000 level) which also, roughly coincides with the Kijun-Sen level @ 43'019
Current price action is showing an attempt to breakout the Tenkan-Sen (@ 44'377) which, if broken, on a 4 hours closing basis, would be the first signal of a potential short term reversal in putting the focus towards the next support previously mentioned.
RSI is looking "tired and the LAGGING LINE is losing some momentum too...
Have a nice weekend and all the best.
Take care
IRONMAN8848 & Jean-Pierre Burki
UPSIDE. : 45'200
DOWNSIDE : 43'000
Indeed, a sustainable breakout of one of those 2 levels, would :
1) either confirm further upside (in breaking the former high @ 45'137 which would open the door for higher levels towards the top of the weekly clouds area, currently @ 45'937, by the way the upcoming weekly closing level will also be very important to look at as it may or may not validate the breakout of the upside weekly to clouds resistance level !
2) confirm the failure to maintain its upside bias in crossing down below the ongoing support trend line (around the 43'000 level) which also, roughly coincides with the Kijun-Sen level @ 43'019
Current price action is showing an attempt to breakout the Tenkan-Sen (@ 44'377) which, if broken, on a 4 hours closing basis, would be the first signal of a potential short term reversal in putting the focus towards the next support previously mentioned.
RSI is looking "tired and the LAGGING LINE is losing some momentum too...
Have a nice weekend and all the best.
Take care
IRONMAN8848 & Jean-Pierre Burki
