Here we have a classic by textbook diamond formation, sign of an equal power between bulls and bears,
Long term the price will follow the direction of the break out in which case that direction points upwards.
The macro scale of the price action also shows a bullish divergence inside a descending channel that price has been consolidating for the last couple of months since that high at 18.67 on September 23rd .
Oscillators a bit noisy on the 4H but the divergence comes through on this time frame connecting the lows at 16.835 and 16.635 and 16.49 we can clearly see a bullish divergence on the MACD and a bullish divergence on the 16.635 and 2649 on the RSI - which also gives Bulls the upper hand for the long term. Switching on the Daily the same divergence comes through pretty clear.
Happy Trading , Volatile markets ahead, keep safe : )
Long term the price will follow the direction of the break out in which case that direction points upwards.
The macro scale of the price action also shows a bullish divergence inside a descending channel that price has been consolidating for the last couple of months since that high at 18.67 on September 23rd .
Oscillators a bit noisy on the 4H but the divergence comes through on this time frame connecting the lows at 16.835 and 16.635 and 16.49 we can clearly see a bullish divergence on the MACD and a bullish divergence on the 16.635 and 2649 on the RSI - which also gives Bulls the upper hand for the long term. Switching on the Daily the same divergence comes through pretty clear.
Happy Trading , Volatile markets ahead, keep safe : )
