Critical condition for market action, Short Term I go with Long
Considering the price has penetrated the MidTerm trendline for about 4 days, and also we have seen two consecutive Higher Highs and one Higher Low since Dec 20th after forming a triple bottom pattern in 4H time frame, I believe the short-term reversal has been confirmed.
Right now the short term trendline has been penetrated slightly which I believe is a fake one, Divergences indicators show divergence in many time frames eg, 1h and 4h.
Looking at RSI indicator and the beautiful descending trendline in 1h which is going to be broken soon is another confirmation of at least the short term bullish market.
Right now the short term trendline has been penetrated slightly which I believe is a fake one, Divergences indicators show divergence in many time frames eg, 1h and 4h.
Looking at RSI indicator and the beautiful descending trendline in 1h which is going to be broken soon is another confirmation of at least the short term bullish market.
Note
Forgot to mention the important role of the broken midterm trendline as support. The reaction to this support and the 0.382 retracement fib in near future reveals so much about market action direction
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