/biz/ - Business & Finance

>>14847130
>IOTA

The weekly candle from last week remains having touched the WEEKLY LOWER 2.2, it remains up to this weeks candle and the following weeks candle do try and keep the close well away from that bearish scenario.
It seems like price has been trying to break free for a while now, or atleast break away from being too bearish for the long term.
The circled area shows only on the DAILY and 4HOURLY time frames where the real action is happening, the WEEKLY shows little to nothing on first glance. The Daily chart clearly shows price attempting to respect and then respect the LOWER 2.2 benchmark, coincidentally or not, the highs made were respecting the 4HOURLY LOWER 1.25, two times previously, and this time seems like we've broken through.
Just a note on the two previous attempts at breaking the 4HOURLY LOWER 1.25, let's see why exactly they failed to convincingly close consecutively higher.
The 1HOUR chart reveals this information for us:
>1. The first attempt was unable to break past the UPPER 1.25, and considering we're in a bearish trend, it went back down no hesitation
>2. Even though the distribution of price had moved down on higher time frames, it STILL wasn't low enough to even break the 1HOURLY MEAN, down we go again, still looking bearish.
Both times we are respecting the DAILY LOWER 2.2, which is the reason why further bearish sentiment wasn't coming in for a rapid violent sell off.
>3. This time the price bounced off the 1HOURLY LOWER 2.2, coinciding or giving support to the idea that, short term price is moving away from the DAILY LOWER 2.2. It looks to have broken the 4HOUR LOWER 1.25 now, and if things are looking uncertain (which they are considering the WEEKLY outlook of flat lateral trading and resting along the WEEKLY LOWER 2.2, you can be the 4H chart is trying to revert to the mean, to try and make sense of this situation. Do we go further down? Do we attempt to test the WEEKLY LOWER 1.25, or even the DAILY LOWER 1.25?