After a long downtrend leg the price started to correct.
Now the price is in a important zone:
Considering all the conditional above there is a high possibility of a continuation of bear market
Waiting for a bear candle breaking the previous lowest
Now the price is in a important zone:
- Retraction of FIBO
- Previous support now is a resistence
- Weekly time frame in a bear market (confirming the downtrend)
- Previous candle closed with a long tail
- Price is between MM20 and MM50 pointed to downwards
Considering all the conditional above there is a high possibility of a continuation of bear market
Waiting for a bear candle breaking the previous lowest
Note
The price hits MM50, the idea still the same!Next candle can show us a continuation of a downtrend or long leg even stronger.
Let's wait!
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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.