TECHNICAL ANALYSIS:
-Since the 25th of November the market was following a strong Downtrend, keeping the price under the Exponential Moving Average 50 untill the 3rd of December;
-The price then, reached a strong Support Area at 0.89000, moving the market in a side trend with a really Low Volatility;
-Since the 9th of December, a fast decrease of volumes made the market weak, it started falling down again, bouncing twice on the support at 0.88526 and retesting the Resistance area, without break it, creating a clear DOUBLE BOTTOM Pattern.
CONCLUSION:
I aspect a nice reverse of this market, the price is actually OVERSOLD and it's getting slowly strenght enough to push up and retest the Resistance Area at 0.89000.
I'll decide to entry LONG after a new retest of the resistance area, waiting for a clear breakout of that.
If you like my idea, please leave me a like, it will help me so much, hopefully my free analysis will be usufull for everybody. Don't hesitate do share your idea, if you get something interesting!
Have a good week and trade safe!
Gianni
-Since the 25th of November the market was following a strong Downtrend, keeping the price under the Exponential Moving Average 50 untill the 3rd of December;
-The price then, reached a strong Support Area at 0.89000, moving the market in a side trend with a really Low Volatility;
-Since the 9th of December, a fast decrease of volumes made the market weak, it started falling down again, bouncing twice on the support at 0.88526 and retesting the Resistance area, without break it, creating a clear DOUBLE BOTTOM Pattern.
CONCLUSION:
I aspect a nice reverse of this market, the price is actually OVERSOLD and it's getting slowly strenght enough to push up and retest the Resistance Area at 0.89000.
I'll decide to entry LONG after a new retest of the resistance area, waiting for a clear breakout of that.
If you like my idea, please leave me a like, it will help me so much, hopefully my free analysis will be usufull for everybody. Don't hesitate do share your idea, if you get something interesting!
Have a good week and trade safe!
Gianni
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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.
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.