It's been a five straight week of green candle on the weekly, and we could see the sixth one if the if the weekly candle closes above 4100.
However, the bulls may just be Loosing their steam right now, even as price continues to grind within an upward daily channel.
On the 4 hours timeframe, price continues to move upwards forming a higher high, while RSI
is forming a lower high.....a bearish
divergence, an indication that the upward momentum is fast running out, and price may just be due for a local downtrend.
On the daily, the bulls appears to be faced with a confluence of resistance.....the horizontal resistance, uptrend line resistance of the channel and the 200 week EMA
) an indication that we may see a pull back towards lower support levels, or a complete reversal back to the 200 day MA.
On the flip side, we could also see a push towards the 4200 area to create a fake out above the 200 week EMS at 4100.....bull trap, and then a reversal towards lower support levels.
On the weekly, we are still very bearish
at extreme upper level @90% and having a bearish
cross. We the five weeks of upward green candle, the coming weeks could produce an impulsive move that could send price straight to the trend line
support of the ascending triangle
@3450, which is also a confluence of support....daily horizontal support, trend line
support(weekly) and 200 day MA.
All things being equal, If we get rejected at 4100-4200 resistance area
(which ofcos I'm expecting due to the bearish
outlook on all time frames) I do expect the 3450 area to give us a bounce, before the next impulse move.