Where are we headed next?
First lets take a look at the weekly chart
On the Weekly, the MACD is still looking up which is good, we are currently challenging the trend line and have not been majorly rejected. It does seem like we are in mid-air right now as there are no strong supports just below the levels we are at now. For this reason, I am hesitant to take a position right now.
On the Daily chart, we had some interesting movement. The price slowly crept above the weekly trendline which was good, but then got rejected just below 5.5k. The rejection went straight down below the trend line, but not too rapidly. There is a possibility as seeing a close here today as a new higher low, this would be bullish.
On the 4HR we broke below the MA50 but stayed very near it. The current price movement is sideways for the last 8 candles and it looks like it would like to break back up again. The MACD is turning up, but not yet fully.
At this current time i remain Neutral
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