Weekly closed just above 3500 creating the first signs of MACD divergence; keep in mind that this isn't set in stone and the current W1 candle will help determine such.
Looking at yesterday's PA we can note that price did hold above the indicated buffer zone (dashed lines) however the volatility wasn't anything drastic nor did it seem like an attempted push towards 3600.
From today's PA we see that price was actually rejected into the buffer zone (after prior attempted holds from a low and then close) and displays similar signs to the previous top in terms of open and close positions. The difference, which may be an effect of recent hold, is that the H4 candle's low remained above lower buffer.
As a result, the current H4 candle acts as another 'buffer' and ultimately the last layer of support. This leaves the question on whether we actually double-top or push for 3600.
If looking to short-term trade I would advise to continue holding out until current H4 is complete (and possibly into next if hold at lower buffer does occur but remains below cycle test zone {purple line}), or there are clear signs of bullish momentum such as a break at upper buffer.
Looking at yesterday's PA we can note that price did hold above the indicated buffer zone (dashed lines) however the volatility wasn't anything drastic nor did it seem like an attempted push towards 3600.
From today's PA we see that price was actually rejected into the buffer zone (after prior attempted holds from a low and then close) and displays similar signs to the previous top in terms of open and close positions. The difference, which may be an effect of recent hold, is that the H4 candle's low remained above lower buffer.
As a result, the current H4 candle acts as another 'buffer' and ultimately the last layer of support. This leaves the question on whether we actually double-top or push for 3600.
If looking to short-term trade I would advise to continue holding out until current H4 is complete (and possibly into next if hold at lower buffer does occur but remains below cycle test zone {purple line}), or there are clear signs of bullish momentum such as a break at upper buffer.
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.