- On the basis of the Monthly candle currently painting as an indecision candle, and the Weekly momentum currently resisting downward pressure, we expect positive action on the 4-hour if price breaks above the cloud.
- A monthly close above $9630 sets up momentum to break the $10k barrier in July!
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The 3-hour chart shows the current market squeeze between a support trendline and cloud resistance.
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While short-term momentum is pushing down, a little bit of FOMO buying from retail or institution can easily move the price into the cloud. Once there, it's just a short journey to the other side where 4-hour momentum will then pick up.
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Still watching for this break into the 3 hour cloud. We did drop but it seems momentum still favours moving up.
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Price has adhered to the resistance of the 3-hour cloud since yesterday and now appears to be breaking through:
