TECHNICAL ANALYSIS:
-The support at 1.61624, a strong weekly level, rejected the price several time, moving the market a in side trend until the end of November;
- The price then started a quick and strong uptrend, getting weak once it reached the resistance area. It rejected the market, moving it in a DESCENDING Channel, until it collapsed and broke our previous Support.
-The market is actually creating a possible DOUBLE BOTTOM Pattern, it could be strong enough to definitely reverse the trend.
CONCLUSION:
I aspect the price going LONG also in a Daily Time Frame, I'm not getting any Long Position because we still don't have any confirmation from the pattern, though the price is Oversold and bounced on a very strong and important support.
If you enjoy my idea, please "like" the post, it will help me so much to improve my work, and don't hesitate to share your idea!
Trade safe!
Gianni
-The support at 1.61624, a strong weekly level, rejected the price several time, moving the market a in side trend until the end of November;
- The price then started a quick and strong uptrend, getting weak once it reached the resistance area. It rejected the market, moving it in a DESCENDING Channel, until it collapsed and broke our previous Support.
-The market is actually creating a possible DOUBLE BOTTOM Pattern, it could be strong enough to definitely reverse the trend.
CONCLUSION:
I aspect the price going LONG also in a Daily Time Frame, I'm not getting any Long Position because we still don't have any confirmation from the pattern, though the price is Oversold and bounced on a very strong and important support.
If you enjoy my idea, please "like" the post, it will help me so much to improve my work, and don't hesitate to share your idea!
Trade safe!
Gianni
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.