Currently, price is still clinging onto the current momentum. I will be very careful if prices decide to make a dash for 48. This dash should be best captured on hourly chart and not on this day chart. There is a high chance that price will make a touch and go of MACD. There could also be a chance of a small gold cross even!
From here there could be 2 scenarios, either maintain the price above $40 for MACD to go nearer to zero or simply a drop in price to smooth out MACD averages. My take is this will still take some time as weekly chart is still far from good and the moving averages are still not in line yet. I believe that price will have to revisit the 30s again before we see any break above $50. Note: of caution is to respect market and not what Tom, Dick or Harry thinks!
Till then I will trade what I see on the H1 chart. Cheers and happy trading.
From here there could be 2 scenarios, either maintain the price above $40 for MACD to go nearer to zero or simply a drop in price to smooth out MACD averages. My take is this will still take some time as weekly chart is still far from good and the moving averages are still not in line yet. I believe that price will have to revisit the 30s again before we see any break above $50. Note: of caution is to respect market and not what Tom, Dick or Harry thinks!
Till then I will trade what I see on the H1 chart. Cheers and happy trading.