On the daily timeframe, we can see that a few weeks ago a double top has formed. After that, we saw a sharp decline in the price and now we are looking at a possible double bottom formation, as the second bottom is still forming. Waiting for the confirmation of the pattern.
On the 4H chart, we can see the formation of ascending triangle correction. Expecting another bearish move to finish the double three formations inside the triangle. As the price went into that formation from a sharp motive bearish move, the move after the price leaves the triangle should also head into the bearish direction. It may stop briefly at the blue line, as it represents support, or completely reverse. We do not expect that the price will move below that line.
On the 4H chart, we can see the formation of ascending triangle correction. Expecting another bearish move to finish the double three formations inside the triangle. As the price went into that formation from a sharp motive bearish move, the move after the price leaves the triangle should also head into the bearish direction. It may stop briefly at the blue line, as it represents support, or completely reverse. We do not expect that the price will move below that line.
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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.