A great sign for the bulls as the 1 day candle has closed green above the green descending channels top trendline
. However the last 4 hour candle closed as a red spinning top
so we may see a dip downward in the next 4 hour candle or 2...What we want to keep an eye on is whether or not if we dip all the way back down to the green descending channels top trendline
, whether or not it acts as support which it hopefully should. If so and the bounce causes that 4 hour candle to close green I will switch from neutral to long. Especially if we can get 1 more day candle to clsoe in the green or at the very least above the green descending channel trendline
to confirm the breakout. Watch for the trendline
to act as support and then also watch for the T line(in yellow) to potentially act as resistance...if the bulls are already feeling aggressive however we may just find ourselves making our way back up to the 50 SMA
(in orange) also known as the buy sell line...once we are above the buy sell line and the t line that will be a buyers market instead of a sellers market..but we'll ened to close 3-5 candles in the 4 hour above the 50sma to confirm it which may take until after the 15th to get back there.