The title is straightforward enough right?
The most obvious signal is the breakout of Bollinger Bands. The price could bounce back to the middle when it touches the border, and if we consider the recent move as a retracement of the previous trend, then the point that I mark with a blue circle could be a support point, which is just at around 0.786 level of Fib retracement.
Also, we have other proofs to support our prediction. The RSI line goes through an oversold point and is going up now. So I would say that this is the reversal signal.
But if we look at the MACD, it does not give us enough confidence. Don’t worry, let’s take a closer look at this MACD again. Two lines seem to get together now, I would say they are on the way to cross.
Above all, let’s expect the reverse in the near future.
The most obvious signal is the breakout of Bollinger Bands. The price could bounce back to the middle when it touches the border, and if we consider the recent move as a retracement of the previous trend, then the point that I mark with a blue circle could be a support point, which is just at around 0.786 level of Fib retracement.
Also, we have other proofs to support our prediction. The RSI line goes through an oversold point and is going up now. So I would say that this is the reversal signal.
But if we look at the MACD, it does not give us enough confidence. Don’t worry, let’s take a closer look at this MACD again. Two lines seem to get together now, I would say they are on the way to cross.
Above all, let’s expect the reverse in the near future.
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.