Short term direction: Short
Reasons:
Starting the analysis on the daily chart we can see that the price just made a break beneath the indicated resistance line. As the RSI has oversold a correction appeared and the price is now retesting the line from below making it resistance. We are expecting a bearish bounce as the price touches the resistance line.
On the four hour chart, we can see that the price has probably already made a retest of the resistance line and is going to head in the bearish direction next.
The hourly chart shows us that the bearish movement after a retest of the resistance line has already begun to form the move that we believe is going to be a sharp and impulsive one.
We wish you good luck with your trading!
Reasons:
Starting the analysis on the daily chart we can see that the price just made a break beneath the indicated resistance line. As the RSI has oversold a correction appeared and the price is now retesting the line from below making it resistance. We are expecting a bearish bounce as the price touches the resistance line.
On the four hour chart, we can see that the price has probably already made a retest of the resistance line and is going to head in the bearish direction next.
The hourly chart shows us that the bearish movement after a retest of the resistance line has already begun to form the move that we believe is going to be a sharp and impulsive one.
We wish you good luck with your trading!
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.
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.