Yes "recession" is here, sentiment is low, however price at this moment are holding key support levels amidst such chaotic times.
From swing top we slide hard and fast and found support at the 0.5, a good potential reversal point, supported with with a nice wick on the 4hr, we then found support at the 0.236, showing momentum is building, forming a early bullish trendline on the daily time frame.
With this double bounce and a healthy 45 degree trendline potentially playing out, there's a sign of a bullish trend forming on a macro time frame. Breaking the moving averages will add to the bullishness , hold support and off we go.
From swing top we slide hard and fast and found support at the 0.5, a good potential reversal point, supported with with a nice wick on the 4hr, we then found support at the 0.236, showing momentum is building, forming a early bullish trendline on the daily time frame.
With this double bounce and a healthy 45 degree trendline potentially playing out, there's a sign of a bullish trend forming on a macro time frame. Breaking the moving averages will add to the bullishness , hold support and off we go.
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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.