It appears the White Energy in the 24-hour is likely to “close” ABOVE level 50 before the Red RSI
in the 2-Day can “cross” BELOW level 50. In which case, we would normally have a reversal to sustained upward pressure. HOWEVER, we must confirm this by having a look at three (3) lower time frames than the 24 hour time frame. I recommend starting with the 90 minute, then the 3 hour and 6 hour time frames to see if the Green Line is HIGHER than the White Energy. If not, then we do NOT have confirmation of a reversal to sustained upward pressure. We need the Green Line to be HIGHER than the White Energy to indicate bullish
sentiment and a chance for reversal to sustained upward pressure.
Here’s the 24-Hour and 2-Day again to show the White Energy in the 24-hour will likely “close” ABOVE level 50 before the Red RSI in the 2-Day can “cross” BELOW level 50.
HOWEVER, we do not see the Green Line HIGHER than the White Energy in the 90-minute, 3-hour, 6-hour and 12-hour:
AS A RESULT, WE CANNOT “CONFIRM” A REVERSAL TO SUSTAINED UPWARD PRESSURE. We are simply seeing the price action RANGING sideways within a price range during a period of upward pressure before another potential pullback in the near future. Will that potential pullback result in a lower low than the previous low? No, not necessarily… May likely be a higher low.