Weekly Predictions (Feb 18 - 22)
- Price neither oversold nor overbought
- Recent consolidation above EMA (25, close), price was unable to break on the downside
- Price is now at recent highs, could form a double top or break above zone
- Price would need to close above zone on the daily or 4-hr chart
- Recent consolidation above EMA (25, close), price was unable to break on the downside
- Price is now at recent highs, could form a double top or break above zone
- Price would need to close above zone on the daily or 4-hr chart
- Broke out of recent consolidation zone on the upside
Predictions: Wait for the 4-hr candlestick to close above recent high and then retest as support to indicate price will continue on uptrend, go LONG ... Otherwise if price is unable to break and close above resistance and a bearish candlestick indicates price moving downward, then SHORT (Double Top)