Double Bottom Bounce

26 thg 2, 2021

Price action is being supported strongly around the bottom of the trend channel and 1450 area creating a double bottom, this is a bullish sign as long as the buyers can push price back up towards the neckline. A Bullish confirmation to enter a long would require the 20 and 50 EMA to crossover on the hourly candles and a retest of the neckline to present new support. If buyers cannot push the price back towards the neckline I am thinking we could see another drop towards 1350 which would break the current ascending trend channel that we require to hold for us to stay bullish long term. Hourly candles show we've recently been oversold and MACD is showing a trend divergence.