LRCBTC Weekly S/R|Range High|.618 Fibonacci|Technical Divergence

Evening traders,

Today’s Analysis – LRCBTC – breaking back into weekly structure with the immediate target range high.

Points to consider,
- Immediate trend bullish
- Weekly S/R confluence (.618 Fibonacci)
- Range high target
- Oscillators diverging
- Structural higher low

The immediate directional bias is bullish due to consecutive structural HH’s and HL’s. The weekly S/R is in technical confluence with the .618 Fibonacci, an S/R flip retest is likely to hold true.

Range high is the immediate target, breaking this level will continue the trend; higher weekly targets will be objectives.

Oscillators are both diverging, price established a higher low, and oscillators established a lower low, this is a technical hidden bullish divergence.

Overall, in my opinion, an S/R Flip retest of the weekly level will allow for a valid long with defined risk. Price is action is to be used upon discretion and management of the trade.

What are your thoughts?

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And remember,

“When you really believe that trading is simply a probability game, concepts like right or wrong or win or lose no longer have the same significance.” – Mark Douglas
Chart PatternsTechnical IndicatorsLRCBTCrangehighRelative Strength Index (RSI)Stochastic OscillatorsupportSupport and ResistancetrendTrend Analysis

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