From a weekly perspective we are still in a bearish environment. Price rejected 0.618 fibonacci level and now is heading down again. Sentiment of traders is 29% for short and 71% for long positions. What does it mean ? Usually when you see so much %s for a long positions you should expect a reversal (the same when there is much more shorts than longs). Hourly and 15M timeframes also show bearish signs. When price is making lower highs closer and closer to the S/R level,you should expect a breakout. So I’d rather see bearish moves here. But we have also the second scenario (long) because it’s still in the game.
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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.