The SQ bullish price movement has been slow, despite staying on top of a resistance level. The slow momentum has not completely changed the market direction. The bullish projection is still on.
Supply levels: $75, $79, and $83
Demand levels: $70, $66, and $60
SQ Medium-term Trend: Bullish
SQ is kind of dilly-dallying, this random price move, is still in a bullish zone, because the market is above the price support level of $70, and is expected to move up to the next resistance area of $75 or even higher.
From the chart, the 14 and 50 Exponential Moving Averages have crossed for a bullish position and its crosses are widened indicating the bullish position, while the MACD Indicator, is on the flat zone indicating a slow momentum.
SQ Short-term Trend: Flat
The short-term market momentum of the SQ pair is experiencing are ranging trend. The market has not been able to produce a needed bullish market spikes will confirm a bullish re-entry, thus a moment to show a waiting attitude until when momentum sets in.
The 4-Hours chart is indicating that the 14 and 15 Exponential Moving Averages are bullish, but the price is coming closer to the 14 Exponential Moving Averages, however, the MACD Indicator Histogram bars are flat, showing a weak market trend.
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