The price recently broke upward from a downtrending channel. However, considering the strong bearish momentum on a higher timeframe, my current bias leans towards a bearish outlook. To assess the strength of the channel breakout, I've applied Fibonacci retracement, with particular attention on the 0.618 retracement level. Any potential shift in my bias will be contingent on the price's behavior around this level. I rely on reading candlestick patterns within significant areas to gain clarity and make informed trading decisions.
Note
price respected my down trendline plotted from a swing high down to the pullback to the 2.385 price level. Trading a creeper trend as we can see in this chart can be hard to do. However, if you go to lower timeframe you might get a better picture on low timeframe swing that can help with sell entries on pullbacks. my bias still bearish with caution.
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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.