Price has reached the important Daily Cloud resistance which
its trying to breach. Just above stands the untraded Weekly pp
and the Kijun Sen (white line). It would be natural to see a bounce
from here, perhaps after a test of the Weekly pp. Support below
stands around 830 and then the Monthly S1 at 750. There is also
a MACD cross brewing, as has already happened on BTC and XRP.
Overall, price has made a strong comeback and currently looks potent
enough to enter the Cloud, at least for a probe to test the Weekly pp at 935.
Bulls would like price to close inside the Cloud and establish support
by the floor of it, to grind higher from there after a MACD bull cross.
We might also see some hesitation and consolidation below the Cloud. A
sharp drop from this level, would be worrysome for Bulls because of the
typical bearish continuation setup with a Cloud breakout and retest of
it before continuing down. A close inside the Cloud would remove some
of those worries.
its trying to breach. Just above stands the untraded Weekly pp
and the Kijun Sen (white line). It would be natural to see a bounce
from here, perhaps after a test of the Weekly pp. Support below
stands around 830 and then the Monthly S1 at 750. There is also
a MACD cross brewing, as has already happened on BTC and XRP.
Overall, price has made a strong comeback and currently looks potent
enough to enter the Cloud, at least for a probe to test the Weekly pp at 935.
Bulls would like price to close inside the Cloud and establish support
by the floor of it, to grind higher from there after a MACD bull cross.
We might also see some hesitation and consolidation below the Cloud. A
sharp drop from this level, would be worrysome for Bulls because of the
typical bearish continuation setup with a Cloud breakout and retest of
it before continuing down. A close inside the Cloud would remove some
of those worries.
