Short term direction: Long
Reasons:
Starting our analysis on the daily chart we can see that the price just made a bullish breakout above the highest indicated resistance line. The bulls were rejected at the line and the price is making a consolidation now. The RSI is overbought as well. That gives us reasons to believe that the price will get rejected by the resistance line and will make a bearish move next.
On the four hour chart, we can see the rejection more clearly. However, the price seems to be on the upside of the indicated resistance line. We are looking for a retest of the line that is now acting as support and a bullish move, before the bearish move on the higher timeframe.
We can see more or less the same picture on the hourly chart. We are looking for the retest here as well and then a bullish bounce off the indicated support line.
We wish you good luck with your trading!
Reasons:
Starting our analysis on the daily chart we can see that the price just made a bullish breakout above the highest indicated resistance line. The bulls were rejected at the line and the price is making a consolidation now. The RSI is overbought as well. That gives us reasons to believe that the price will get rejected by the resistance line and will make a bearish move next.
On the four hour chart, we can see the rejection more clearly. However, the price seems to be on the upside of the indicated resistance line. We are looking for a retest of the line that is now acting as support and a bullish move, before the bearish move on the higher timeframe.
We can see more or less the same picture on the hourly chart. We are looking for the retest here as well and then a bullish bounce off the indicated support line.
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.