ONTUSD is trading within a Channel Up on the 4H chart since he January 3 bottom.
Levels to watch:
- The MA50 on the 4H chart is supporting so far the uptrend. As long as it doesn't break, the price targets the 0.9550 Resistance 1.
- If the MA50 breaks the pattern makes a pull back for a higher low. This happened in January 19.
Projection:
- This appears to be simple Channel trading. As long as the MA50 holds, we are expecting a higher high on the 0.9550 Resistance, followed most likely by a pull back for a higher low. This is until the Channel Up gets invalidated.
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Levels to watch:
- The MA50 on the 4H chart is supporting so far the uptrend. As long as it doesn't break, the price targets the 0.9550 Resistance 1.
- If the MA50 breaks the pattern makes a pull back for a higher low. This happened in January 19.
Projection:
- This appears to be simple Channel trading. As long as the MA50 holds, we are expecting a higher high on the 0.9550 Resistance, followed most likely by a pull back for a higher low. This is until the Channel Up gets invalidated.
If you like this idea give us a like, follow and share your thoughts in the comments section below. Remember to stay tuned for future technical analysis , news, updates, and more from PrimeXBT!