Starting our analysis on the 1D timeframe, we can see, that a double top has just formed, and we are already in the bounce from the resistance line after the second touch of the top. Now waiting for the latest bearish move to stop, and expecting a bullish correction, or the price to go into a shorter consolidation. This may happen as the bearish price movement will hit the previous strong zone of support and resistance.
On the 4H chart, we can see, that the price has currently gone into a smaller correction, that looks like consolidation and not as a bullish move. We are waiting for the end of this corrective move, and expecting the next bigger move to be in a bearish direction.
Looking at this correction closer on the 1H timeframe, we can see that it has formed a channel. Expecting a bearish move mentioned before when the price crosses the lower line of this channel.
We wish you good luck with your trading!
On the 4H chart, we can see, that the price has currently gone into a smaller correction, that looks like consolidation and not as a bullish move. We are waiting for the end of this corrective move, and expecting the next bigger move to be in a bearish direction.
Looking at this correction closer on the 1H timeframe, we can see that it has formed a channel. Expecting a bearish move mentioned before when the price crosses the lower line of this channel.
We wish you good luck with your trading!
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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.