As we await the weekly candle closure I wanted to share my Medium term analysis on .
Looking at the the we see currently sits on the prior weekly high at $4170, and just below the $4200 weekly Resistance region. There is plenty of time left till the daily closure, but I do assume we close similar to the we have now, which would print the pattern it is currently forming. With a large breakout in either direction soon to come I believe.
The weekly closure is very important, as a closure above the weekly high would be rather strong for the bulls.
For now it is a coin flip on the next short term direction. We either break to the upside through the $4200 resistance and head towards the $4500 resistance region. With the $4700 level the next resistance/pivot depending on the momentum.
Or breaks down to the black and into the $3950 midpoint again. Which would then bring the $3800 support into play and below that the $3700 support with lower confluence. With weekly support at $3450 if we see the prior levels violated.
I am not currently in a margin position right until further clarity on sentiment. Likely until the weekly closure.
Published at Sun, 31 Mar 2019 19:40:14 +0000