In the higher time frames, we are in a descending channel, and in the monthly and weekly time, the positive divergence of the RSI has been issued to us.
There is a possibility of forming an upward trend in the medium term. As a result, we assume that the price trend will come out of the compression from the upper side, provided that the bottom of the downward channel is maintained.
This compression is related to daily time.
Until our downtrend line is broken to the upside and a breakout consolidation is issued on the daily time frame, the above view is invalid.
We would be happy to hear your comments
There is a possibility of forming an upward trend in the medium term. As a result, we assume that the price trend will come out of the compression from the upper side, provided that the bottom of the downward channel is maintained.
This compression is related to daily time.
Until our downtrend line is broken to the upside and a breakout consolidation is issued on the daily time frame, the above view is invalid.
We would be happy to hear your comments
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We did not decrease until the range of $0.92302, but according to the analysis, we got out of compression from the upper side.It should be kept in mind that the compression is related to the daily time frame, as a result, the upward trend should be above the blue range ($1.06341) to be confirmed.
The possibility of a direct advance to the $1.02547 range from here is slim. It seems that the possibility of forming a corrective trend is high.
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Exactly according to the examined scenario, we had an increasing trend up to the range of $1.02547So far everything was great (;
If the current trend falls below the range of $1.02074, the possibility of forming a bearish trend similar to the drawn scenario will be strengthened.
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The range of $1.02074 was maintained, therefore, the upward trend continued.Keep in mind that our view is price advance to the range of $1.13841.
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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.