The current situation:
1. Price action is currently in an apparent bullish symmetrical triangle with 60% chance of breaking upwards with the measured target at about 415. There's several moving averages on the 4, 6, 12HR and daily charts that are acting as resistance and are key levels to break before an attempt at getting back above 400. Because of these moving averages are still a bit spread out below 400, I do not expect a smooth breakout until we get above these levels.
2. Buyer volume has not been increasing with upward price action as seen more clearly on the 3D chart and this could signal weakness until more buyer volume comes in at higher prices. I would pay close attention to both the volume and price action trends to confirm further bullish price action.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.
1. Price action is currently in an apparent bullish symmetrical triangle with 60% chance of breaking upwards with the measured target at about 415. There's several moving averages on the 4, 6, 12HR and daily charts that are acting as resistance and are key levels to break before an attempt at getting back above 400. Because of these moving averages are still a bit spread out below 400, I do not expect a smooth breakout until we get above these levels.
2. Buyer volume has not been increasing with upward price action as seen more clearly on the 3D chart and this could signal weakness until more buyer volume comes in at higher prices. I would pay close attention to both the volume and price action trends to confirm further bullish price action.
* These are purely my speculations and not financial advice. You should always do your own due diligence before trading or investing.