It seems the last two major moves on the chart (in the blue boxes) there was heavy consolidation for seven to 10 candlesticks, in this chart seven to ten weeks before a breakout. The bears now have a strong bearish candle but it is still in a consolidation pattern. The Bulls still have a trendline that held from April 2024 where price has not closed below it (please see SMA curve in black on the chart). If you turn on the 50 EMA price is still oscillating around it. And price is still in the Fibonacci golden zone. The bears need a bearish close with follow through below 12.40 and the bulls need a bullish close above 13.65 to hopefully kick off their party. The Bulls have a historical trendline and the Bears have a bearish MACD(Chris Moody) and a Braid filter that just flashed red and a recent strong bearish candle.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.