Upon looking at our 2h candlesticks you can see we have entered a consolidation period. Bears and Bulls can't decide which way to push price. What we are going to look for next is bullish or bearish confirmation, that is, a deviation from the consolidation trend, this confirmation will be the indicator on where price is going to go. (The tall wicks on top and bottom and small bodied candlesticks represent the consolidation). We are heading for some resistance at the $49.30 level on our Fibb retracement so that could potentially be trouble, but not necessarily. Hopefully we see a gap-up bullish candlestick, which will signify an uptrend. I Will keep updating as this develops.
Note
Still sitting in that consolidation period, we'll see a trend one way or the other once we break one of these red lines.
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We can see the overall direction of the consolidation thus far is bearish, we'll see how this continues as consolidation periods can go on for days to weeks.
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You can place your stop loss outside of this array I made and take a long position at the troughs and short the peaks. With your stop loss outside of this array you'll know when a trend is going to begin and get out.Note
Note
1h Candles show potential drop to come, we'll see.
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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.