Bullish Flag on the daily chart
The problem with a bullish pattern in a bearish environment is that even if it is a textbook pattern, it can easily be destroyed.
Etsy paints us a textbook "Bull Flag" on the daily chart, but...
We have a few problems.
Firstly, today's green candle is extremely low volume.
Second, there is a strong resistance above (101.92).
Third, the RSI is still tanking.
On the other hand, MACD is showing a regular divergence, which is bullish.
If we can rise above the 101.92 level and hold it, a breakout is possible.
Support: 96.78
Resistance: 101.92, 109.73, 118.77
Etsy paints us a textbook "Bull Flag" on the daily chart, but...
We have a few problems.
Firstly, today's green candle is extremely low volume.
Second, there is a strong resistance above (101.92).
Third, the RSI is still tanking.
On the other hand, MACD is showing a regular divergence, which is bullish.
If we can rise above the 101.92 level and hold it, a breakout is possible.
Support: 96.78
Resistance: 101.92, 109.73, 118.77
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