Short term direction: Long
Reasons:
Starting the analysis on the monthly timeframe, to get a sense of any long term opportunities, we can see that the price has been in a bearish movement since the beginning of 2019. The RSI is not overbought or oversold so we do not expect a reversal based on the strength of the pair. Looking for the price to continue the bearish movement to the lowest indicated support line. In between, we do expect some bullish correction on the lower timeframe.
On the daily timeframe, we can see, that the general trend is bearish as well. The price just made a breakout beneath the indicated support line. The RSI is on the oversold side, so the breakout may be a fake one, and we will see a reversal and the price will climb up above the support line. If it continues its way beneath the line we do expect a bullish correction before the price continues its way down.
On the four hour chart, we can see that the latest bearish move that made a small breakout beneath the indicated support line has formed due to the Head and Shoulders formation. The bearish move formed because of that is probably over, as the price has touched the support line. Expecting a bullish bounce off it.
On the hourly chart, we can see, that the price made a smaller breakout beneath the line indeed, but it has done so in the past few days as well. Those breakouts are fake, as the support line still holds. I believe that the move should reverse and bounce off the indicated support line continuing its way in the bullish direction.
We wish you good luck with your trading!
Reasons:
Starting the analysis on the monthly timeframe, to get a sense of any long term opportunities, we can see that the price has been in a bearish movement since the beginning of 2019. The RSI is not overbought or oversold so we do not expect a reversal based on the strength of the pair. Looking for the price to continue the bearish movement to the lowest indicated support line. In between, we do expect some bullish correction on the lower timeframe.
On the daily timeframe, we can see, that the general trend is bearish as well. The price just made a breakout beneath the indicated support line. The RSI is on the oversold side, so the breakout may be a fake one, and we will see a reversal and the price will climb up above the support line. If it continues its way beneath the line we do expect a bullish correction before the price continues its way down.
On the four hour chart, we can see that the latest bearish move that made a small breakout beneath the indicated support line has formed due to the Head and Shoulders formation. The bearish move formed because of that is probably over, as the price has touched the support line. Expecting a bullish bounce off it.
On the hourly chart, we can see, that the price made a smaller breakout beneath the line indeed, but it has done so in the past few days as well. Those breakouts are fake, as the support line still holds. I believe that the move should reverse and bounce off the indicated support line continuing its way in the bullish direction.
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.