Constant power struggle. Hold fire.
For a moment sellers are controlling the market that drove the market price down to the Monthly support. As soon as it reaches the Monthly support, buyers rushing in to bring the price back up only to a point where the bears are now taking control again.
Only with a show of strong bullish force can the price goes back up to the next Daily resistance following green arrow route. Wait for candle stick formation such as strong bulish engulfing to signal this transition of power.
With no resistance power from the buyers, the sellers will keep driving the price down back to its Monthly support where, expectedly, buyers are waiting to rush in and create a push back towards the next Daily resistance following the red arrow route.
Only with a show of strong bullish force can the price goes back up to the next Daily resistance following green arrow route. Wait for candle stick formation such as strong bulish engulfing to signal this transition of power.
With no resistance power from the buyers, the sellers will keep driving the price down back to its Monthly support where, expectedly, buyers are waiting to rush in and create a push back towards the next Daily resistance following the red arrow route.
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