from week to week point of view, price has been rangy although it is slowly floating up.
A flush of 3 weeks low gives an indication that price is still prepared to continue with this gentle uptrend.
This flush is validated by a reasonable bullish day close.
It is also at the bottom of an equidistant channel, the bullflag phenomenon that has time and again been documented in this blog, which is a form of trend continuation.
Initiating a long position will thus be considered lower risk.
D1 flying Buddha perspective
From mean reversion point of view, this support confluence of f6, ed channel bottom , flush of 3 weeks low,
is furthur validated when a flying buddha day close is registered.
We can see how this tuesday’s bar did not touch the moving average at all. This suggests that a mean reversion is impending, and thus this might provide the propulsion needed for price to move up.