Good morning, traders. Price continues to push up gradually. Our targets remain as shown in the charts.
As mentioned yesterday, the current TR as drawn on the daily appears to be reaccumulation with an uprise with an immediate target of $5910/15 based on the height of the TR, on the larger TF. The 1H chart has price printing an ascending wedge as it looks to target the blue line which is based on the height of the double bottom. 1H RSI is printing a slight descending wedge. We can also see slight hidden bullish divergence as noted at wedge support with the arrow. 1H and daily Stoch RSI are just out of, or just now attempting to leave, oversold. Daily RSI continues to remain within its ascending channel.
I have also added a custom Ichimoku Cloud indicator that one of our members created, and which is available to all our paid Discord members. This indicator seems much more tuned to crypto movements and shows a flat top cloud on both TFs indicating strong support in that area. The 1H cloud has recently twisted bullish as well, while the daily cloud appears to be nearing the same twist, suggesting further upside is likely.
All this as it is, we can see a purple ascending broadening wedge possibly printing on the daily TF. The proposed target is above the wedge's resistance so it is possible that we could see a bull trap print. However, be aware that there is a slight possibility that price could continue much higher as well depending on how much demand and supply are available at that level. I don't hold a lot of belief that it will happen, though. That is my expected wave 3 target based on my current count that I've published previously. The vertical red lines on the daily denote the CME monthly expirations through the end of the summer.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
As mentioned yesterday, the current TR as drawn on the daily appears to be reaccumulation with an uprise with an immediate target of $5910/15 based on the height of the TR, on the larger TF. The 1H chart has price printing an ascending wedge as it looks to target the blue line which is based on the height of the double bottom. 1H RSI is printing a slight descending wedge. We can also see slight hidden bullish divergence as noted at wedge support with the arrow. 1H and daily Stoch RSI are just out of, or just now attempting to leave, oversold. Daily RSI continues to remain within its ascending channel.
I have also added a custom Ichimoku Cloud indicator that one of our members created, and which is available to all our paid Discord members. This indicator seems much more tuned to crypto movements and shows a flat top cloud on both TFs indicating strong support in that area. The 1H cloud has recently twisted bullish as well, while the daily cloud appears to be nearing the same twist, suggesting further upside is likely.
All this as it is, we can see a purple ascending broadening wedge possibly printing on the daily TF. The proposed target is above the wedge's resistance so it is possible that we could see a bull trap print. However, be aware that there is a slight possibility that price could continue much higher as well depending on how much demand and supply are available at that level. I don't hold a lot of belief that it will happen, though. That is my expected wave 3 target based on my current count that I've published previously. The vertical red lines on the daily denote the CME monthly expirations through the end of the summer.
Every day, we have a choice to act positively or negatively, so if you get a chance, do something decent for someone today which could be as simple as sharing a nice word with them. You just might change their day, or even their life.
Remember, you can always click on the "share" button in the lower right hand of the screen, under the chart, and then click on "Make it mine" from the popup menu in order to get a live version of the chart that you can explore on your own.
