Diamond bottom has triggered with a 1hr chart goldencross

19 Oca 2019

Although here on the 4hr chart the volume does not look notable, if you zoom into the 1 hr chart you will see a big volume spike that lines up exactly with the recent 1 hr golden cross. We have not yet hit our projected breakout target of the diamond bottom pattern which makes me think we have one more small bullflag breakout upward from here to around 3850 before we form yet another lower high and continue to the downside again. So I'm technically bullish here but very very temporarily. We have found a way to have price action crawl above the 1 day 50 ma and currently that ma is overlapping one of our horizontal teal trendlines so as long as the 1 day 50ma has flipped to solidified support it is likely a double reinforced support. One more bullflag break upward to 3850 will reach the diamond bottom target and will likely head downward from there considering we appear to be repeating the previous diamond bottom fractal from a week or two back. I am watching for 1 day 50ma to hold support if it doesn't then I think we could head immediately back down. If we hold the support I think one more bullflag leg up is likely but overall I think we are still heading back down ultimately even fi we do break one more leg up so because of that I will leave this idea neutral.

19 Oca 2019

Not

when you look at the volume on the 1 day chart(not shown here) it looks like hardly anything which could potentially lead to the price action getting back inside the symmetrical triangle before the 1 day candle closes only to break down from the triangle on sunday...so that option is certainly still viable as well and would make a rather impressive bull trap if it were to occur.

19 Oca 2019

Not

so the thing to be paying the most attention to currently would be whether or not the 1 day 50ma has been solidified as support or not if it dips back under the 1 day 50 i'm leaning bearish if it solidifies the 1 day 50ma as support i'm temporarily short term bullish.