Channels that price seems to be moving in.
Price is currently sitting just above the D1 Bull Channel and EQZ, and I’m anticipating a move up to D1 Bear Channel next.
Price made a high right at the 11259.4 level, which I like to see as it gives more confirmation that this is a level to consider key structure and add to RESCONs and SUPCONs.
Small potential for ~1R with the first touch of the 1hour ema, but the 1min MAB pushed price up to break the D1 Bull Channel and EQZ shortly after.
I have been noting the price interaction at the first touch of the 1min ema after a RESCON or SUPCON as the 1min MAB more often than not seems to send price straight back into the confluence.
Aside from the large gap up over the weekend, price seems to be following this trendline this trendline nicely. Will price be able to break the D1 EQZ midpoint and rise to the confluence of the trendline + GZ at 11350?
What relevance does the gap up have? Is this foreshadowing a significant rise in price? Is this the Bulls final efforts to assert themselves before price continues downward again?
Not shown in these screenshots, there is some significant structure in the D1 Bull and Bear Channels, along with the D1 EQZ mindline, sitting between where price is currently and the Daily ema. Will these levels hold and resist price?