Short-Term & Macro Analysis: In this quick video, I cover this week’s price action, the state of technical indicators and provisional forecast for the coming week on both low & high timeframes considering impacts of the macro economic cycle.
In case you want to just quickly glance at the chart, see the key notes and snapshot below.
You'll find a summary of each major data point from each timeframe assessed.
What are your thoughts for the upcoming week?
yemala
Monthly: Bullish, but minor correction expected
- Ichimoku: Tekan above Kijun, riding above bullish green cloud - MACD: Post COVID bullrun breakout finally reversing - RSI: Overbought limits, reversal imminent
Weekly: Unclear, likely bullish, if Tekan Sen (blue ichi line) acts as support
- Price Action: Closed below and broken yearly support trend - MA: Well above Weekly 50 MA - Ichimoku: Tekan above Kijun, riding above bullish green cloud, Tekan may be tested as support in the coming week - MACD: Significant downward breakout - RSI: Broken crucial support
D1: Unclear, likely bearish if Daily 50 MA broken
- Price Action: Open and closed below yearly support trend - MA: Tested Daily 50 MA - Ichimoku: Tekan (blue) reversal, closed below Kijun (red), likely heading to test bullish green Ichi cloud - MACD: Clearly downwards, no sign of reversal - RSI: Second test of support, if broken in coming week, will signal weakness in the market
H4: Bearish, more down next week - Price Action: Closed below daily support, likely test of previously monthly support - MA: Possible test of H4 200 MA - Ichimoku: Broken support of bullish Ichi cloud, - MACD: Continued negative - RSI: Second test of support, if broken in coming week, will signal weakness in the market, but since overbought, can expect multiple tests
H1: Bearish, imminent tests of crucial supports - Price Action: Failed to regain against daily and weekly low, closed below supports - MA: Imminent death cross of H1 50 MA with H1 200 MA - Ichimoku: Significant bearish red Ichi cloud formed, all indicators suggest more down next week