The chart shows the alignment of the MACD, Williams %R and RSI indicators which, history shows, indicates a short-term peak.
Although not on the chart, the 6hr MACD is also topping out. I expect the price to drop to the 260 - 265 range (the dark red support line) before hitting $307 which will create a new support line (light pink).
I expect $307 as it is at a reasonable level to expect resistance (according to past highs) and the fact that the price is making new highs which contradicts the price staying below the medium red resistance line.
After hitting the $307 support I expect it to either breakout or drop again slightly to fill in the rest of the triangle and then to break out.
Although not on the chart, the 6hr MACD is also topping out. I expect the price to drop to the 260 - 265 range (the dark red support line) before hitting $307 which will create a new support line (light pink).
I expect $307 as it is at a reasonable level to expect resistance (according to past highs) and the fact that the price is making new highs which contradicts the price staying below the medium red resistance line.
After hitting the $307 support I expect it to either breakout or drop again slightly to fill in the rest of the triangle and then to break out.