Bearish Divergence and Indicator Convergence
There's a clear bearish divergence on the hourly chart but the upward trend still seems to be strong. With the indicators converging, things could be winding up for a big move at some point over the next couple of days.
The EMAs are on the cusp of crossing bullishly but the indicators are forming rising wedges. The price seems to be tentatively retracing up again after spilling out of the descending triangle last week. Volume continues to decline.
This one's a difficult one to call, so I've made forecasts for the three kinds of moves that could happen: a bullish breakout, a bearish breakout or business as usual. I would tend to favour the bearish breakout since there's a solid divergence to the downside in the indicators and we're getting close to a fib resistance level. The party never stops.
The EMAs are on the cusp of crossing bullishly but the indicators are forming rising wedges. The price seems to be tentatively retracing up again after spilling out of the descending triangle last week. Volume continues to decline.
This one's a difficult one to call, so I've made forecasts for the three kinds of moves that could happen: a bullish breakout, a bearish breakout or business as usual. I would tend to favour the bearish breakout since there's a solid divergence to the downside in the indicators and we're getting close to a fib resistance level. The party never stops.
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