HTF (High Time Frame)
1W (1 week):
On the weekly scale, we have a tightening equilibrium pattern with higher lows and lower highs. The pattern is taking form quite nicely, and we do not have long until it will make a decisive break (2-3 weeks max). The currently small weekly candle body shows indecision as we hover over a key volume control point near 10.14k. It is possible we test the lower diagonal around 9.7k and create a bear trap before starting the next upswing. RSI is in a clear downtrend, and breaking back above 60 would be a bullish sign. Stochastic momentum has turned neutral but flirting with a bull cross.
1D (1 Day):
Daily is in a similar position to the weekly, as we wait for direction. OBV is holding within a sideways channel for now. We want to maintain that to remain bullish. The purple line is a key EMA(100) which has held the whole bull move intact up to now. Needless to say, the $9800 level is important. Yesterday we met resistance at the daily pivot just above 10.4k. This is now key resistance to clear if we are to continue upward movement toward the 10.7k diagonal. This range from 9.9k-10.7k is an area of strong market control by both sides, as seen in the volume profile. When their game of tug-o-war ends, we’ll see some fireworks.
MTF (Mid Time Frame)
4H (4 Hours):
Most indicators are still pointing fairly neutral after this last little push up off the 4H middle Bollinger Band. It would take a clean break of 10.7k to break the MTF diagonal resistance and congestion zone. Still, if we break above 10.45k with volume, we can look for a test of that 10.7k. Key support remains at 9.85k. Lose that and we could test the lower diagonal support around 9.3k and/or horizontal support 9.05-9.11k. Breakout above 10.7k and we can target 11k, 11.4k, 11.9k.
LTF (Low Time Frame)
On the hourly, we have a higher low set at 10.15k. This could be used as a stop out level for any LTF longs. Price currently struggling at middle Bollinger Band resistance at 10.3k. Stochastic momentum has turned bullish, but the move up occurred on declining hourly volume. If we remain in an hourly uptrend, 15-min oversold conditions can be used for LTF long scalps with appropriate risk management.
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