Starting the analysis on the 1D chart, we can see, that the price is moving up an down without real volatility in any of those directions. To us, that shows the indecision in the market. It has happened after a rather big bullish move. Now the momentum has stopped, and the bears came into the market. On this timeframe, we are waiting for a confirmation for a move in any direction.
On four hour chart, we can see that a double three correction occurred in the area marked with yellow lines. After that we had a spike, now we are approaching resistance line. When the price breaks it there will probably be some decline in price, but the overall direction as we see it should be bullish.
We wish you good luck in the following week of trading!
On four hour chart, we can see that a double three correction occurred in the area marked with yellow lines. After that we had a spike, now we are approaching resistance line. When the price breaks it there will probably be some decline in price, but the overall direction as we see it should be bullish.
We wish you good luck in the following week of trading!
Note
The price has now bounced above the resistance line, as expected. Now we can expect another bounce from the line itself. The next move should be bullish.We wish you good luck in the following week of trading!
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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.