Bull Power
This is a technical based:
1. Ichimoku: Lagging line has penetrated through the bearish cloud = Bull Alert
: The price is above the cloud.
: The price above the conversion and base line
: The conversion line is also a s/r level. Possible retest of the likely needed.
2. MACD has failed to cross. Alert: Bulls are still in control.
3. Candlesticks are indicators too, Ignore the candlesticks patterns that you have read, rather look at their information they give.
4. Harmonics and fibonacci levels: On my previous post, I was bear biased but it seems like the odds are turned to the other side now. By looking at the candlestick formations thoroughly, you can tell the bears had failed to move the price further down. I am now looking for another harmonic pattern formation. To me, it looks like there is a chance that the market will form a butterfly pattern since it retraced at 78.6 earlier but 38.2 rejected the price from moving even further.
Conclusion
- After thoroughly analysis, I conclude that the bullish sentiment has finally been established.
Good luck and Happy trading :)
1. Ichimoku: Lagging line has penetrated through the bearish cloud = Bull Alert
: The price is above the cloud.
: The price above the conversion and base line
: The conversion line is also a s/r level. Possible retest of the likely needed.
2. MACD has failed to cross. Alert: Bulls are still in control.
3. Candlesticks are indicators too, Ignore the candlesticks patterns that you have read, rather look at their information they give.
4. Harmonics and fibonacci levels: On my previous post, I was bear biased but it seems like the odds are turned to the other side now. By looking at the candlestick formations thoroughly, you can tell the bears had failed to move the price further down. I am now looking for another harmonic pattern formation. To me, it looks like there is a chance that the market will form a butterfly pattern since it retraced at 78.6 earlier but 38.2 rejected the price from moving even further.
Conclusion
- After thoroughly analysis, I conclude that the bullish sentiment has finally been established.
Good luck and Happy trading :)
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