Two reactions don’t make a trend. However, we are at both a horizontal support, a potential third reaction of this ascending line. We are also oversold on the 1H.
If we can make a break back up, there might be opportunity to get into a long position. If this current candle is a back test and then followed by a red candle, I’m thinking we come back down to the support/resistance from Mar 2020.
The next two to three candles are important!
If we can make a break back up, there might be opportunity to get into a long position. If this current candle is a back test and then followed by a red candle, I’m thinking we come back down to the support/resistance from Mar 2020.
The next two to three candles are important!
Note
Broke to the down side. Looks like we could be forming a price channel. Wait for the current bar (red on chart atm) to close before confirming price channel. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.