On a daily timeframe, we can see that the price is approaching resistance line, that has been active many times before, and the price has bounced off it even if it was moving with great momentum. As the price is rising since the end of December 2018, we do believe that it is time for at least a smaller correction move. The resistance line indicated on the chart provides us with a great point for that to happen. Because of the relatively high trading volume, we would expect a price to break through this line, but only for a few points before it retracts.
On the four hour chart, we can see, that the price has penetrated out of channel formation, without a struggle. That means that the bulls are relatively strong, we may experience a small pullback to the upper channel line if there is some exhaustion, but all in all, we expect the price to reach the before mentioned level of resistance.
Note: The picture above is on 1D timeframe, sadly i could not insert the one from the 4H timeframe. I do apologize for the inconvenience.
We wish you good luck in the following week of trading!
On the four hour chart, we can see, that the price has penetrated out of channel formation, without a struggle. That means that the bulls are relatively strong, we may experience a small pullback to the upper channel line if there is some exhaustion, but all in all, we expect the price to reach the before mentioned level of resistance.
Note: The picture above is on 1D timeframe, sadly i could not insert the one from the 4H timeframe. I do apologize for the inconvenience.
We wish you good luck in the following week of trading!
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.