Increase in the bullish momentum will push up the price and it may reach a high of $8.0. In case the $8.0 level holds the price may reverse or pull back.
Resistance levels: $8.0, $8.4, $9.0
Support levels: $7.4, $7.0, $6.1
ACB Medium-term Trend: Bullish
On the medium-term outlook, ACB price is bullish. The Bulls’ momentum is increasing every day and the ACB price is going higher accordingly. Today, another strong bullish candle emerged that broke up the dynamic resistance level of 50 periods EMA. The bullish momentum is pushing the price towards the resistance level of $8.0.
ACB price has tested and broke the dynamic resistance level (50 periods EMA), increase in the bullish momentum will push up the price and it may reach the high of $8.0. In case the $8.0 level holds the price may reverse or pull back. ACB price is trading above the two EMAs with a big bullish candle which implies an increase in bullish pressure. Meanwhile, the Stochastic Oscillator period 14 is at 75 levels with the signal lines pointing up which indicate a strong buy signal.
ACB Short-term Trend: Bullish
ACB is bullish in the short-term outlook. ACB price is under strong bullish pressure on the 1-hour chart. After the breakout at $7.4 level, the price is currently moving towards the resistance level of $8.0.
The distance between the ACB price and the two EMAs is increasing and it is trading above the 21 periods EMA and 50 periods EMA; all these are an indication that the bullish momentum is strong in the ACB market.
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