The CPP is when a support change to resistance and resistance change to support. Here we can see that the price respected a previous support as resistance, however the pullback from the level was short lived. As I like to anticipate all possible moves the price can make, and in these times of great uncertainty, my bias is starting to look more bullish. My anticipations are indicated with the arrowed lines, taking in consideration Fibonacci retracement level, the CPP level and a sloping downtrend line. Read candlestick pattern before price intersect a line and guard against false breakouts.
Note
The bullish trade payed off. Bullish momentum increases before CPP line was intersected, give a clue that the buyer might push the price higher. Demand increases attracting more buyers and the price moved higher to reach the down sloping trendline.Note
DISCLAIMER: I am not a financial advisor and anything that I say on these channels should not be seen as financial advice. I am only sharing my speculation and personal experience.
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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.