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The overall trend appears bullish but showing signs of a possible pullback. Hereās why:
Bullish Signals:
1. Uptrend in Price: The price has been making higher highs, reaching $68.31 before pulling back.
2. EMA Support: Price is still above EMA(7) and EMA(25) in all timeframes (2h, 4h, 8h), showing a strong trend.
3. Strong Volume: Increased volume during the uptrend confirms buyer interest.
4. MACD & DIF Above Zero: Momentum is still in favor of buyers.
Bearish Signals (Short-term Correction):
1. Overbought RSI (8h Chart): RSI is above 80, indicating overbought conditions and a possible correction.
2. Bollinger Band Rejection: Price hit the upper Bollinger Band and is now retracing.
3. Long Wick on Recent Candles: Suggests profit-taking and selling pressure.
Conclusion:
Short-term: Possible pullback to $55-$53 before another move up.
Mid-term: Still bullish if it holds above EMA(7) and EMA(25).
Long-term: If it breaks above $68.31, the next target could be $75-$80.
If you're in a long position, you might want to secure profits or wait for a dip to re-enter. If you're shorting, watch for confirmation before entering.