Neutral Stance: The current price action on the 4-hour chart is indecisive, lacking a clear directional bias.
Double Top Resistance: The price has formed a double top pattern around the $18.90 - $19.00 resistance zone, indicating potential downward pressure.
Medium-Term:
Bullish Bias: The weekly chart maintains a bullish outlook, but we might see some sideways movement in the short term.
Key Support Levels:
* $16.780
* $16.500
* $16.000
* Potential Upside Targets:
* $20.400
* $22.30
* $24.80
* $25.50
Trading Strategy:
Short-Term Traders: Maintain a cautious approach and consider taking profits on existing long positions. Avoid new entries until a clear directional bias emerges.
Medium-Term Traders: Hold onto existing long positions, but be prepared for potential short-term corrections. Consider adding to positions on dips to the key support levels.
Remember:
Always conduct your own research and consult with a financial advisor before making investment decisions.
Risk management is crucial. Use stop-loss orders to protect your capital.
Let's stay tuned for the next market move! šš