TECHNICAL ANALYSIS:
-Since the end of November the market started moving in a side trend, accumulating momentum enough to move up after a third bounce on the support zone at about 0.70111.
-The price wasn't able to retest the same level, starting a new uptrend, following a "weak" ascending channel until the 18th of December.
-A strong momentum and a gap gave to the market strenght enough to break the support level, bouncing on the previous support zone.
CONCLUSION:
The price is actually moving with strong volatility and strong momentum, it collapsed so quickly, so I aspect a correction before to collapse one more time trying to reach an important weekly support zone at about 0.69280.
For position trades, I recommend to NOT open any short trades, I believe it's only a correction phase before to carrying on with a bullish movement.
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Trade Safe,
Gianni
-Since the end of November the market started moving in a side trend, accumulating momentum enough to move up after a third bounce on the support zone at about 0.70111.
-The price wasn't able to retest the same level, starting a new uptrend, following a "weak" ascending channel until the 18th of December.
-A strong momentum and a gap gave to the market strenght enough to break the support level, bouncing on the previous support zone.
CONCLUSION:
The price is actually moving with strong volatility and strong momentum, it collapsed so quickly, so I aspect a correction before to collapse one more time trying to reach an important weekly support zone at about 0.69280.
For position trades, I recommend to NOT open any short trades, I believe it's only a correction phase before to carrying on with a bullish movement.
If you enjoy my FREE Technical Analysis, let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!
Trade Safe,
Gianni
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.