Type : Bearish Drop
Resistance :8.500
Pivot: 8.125
Support : 7.680
Preferred Case: On the H4, with the Stoch is below 20, and the price is above ascending trendline, as well as ischimoku cloud, we have a bullish bias that the price may rise from the pivot at 8.125, which is in line with the 78.6% fibonacci retracement to 1st resistance at 8.500, which is in line with the overlap resistance.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 7.680, where the overlap support and 50% fibonacci retracement are.
Fundamentals: No major news.
Resistance :8.500
Pivot: 8.125
Support : 7.680
Preferred Case: On the H4, with the Stoch is below 20, and the price is above ascending trendline, as well as ischimoku cloud, we have a bullish bias that the price may rise from the pivot at 8.125, which is in line with the 78.6% fibonacci retracement to 1st resistance at 8.500, which is in line with the overlap resistance.
Alternative scenario: Alternatively, price could break pivot structure and drop to 1st support at 7.680, where the overlap support and 50% fibonacci retracement are.
Fundamentals: No major news.
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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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.