The price bounced from the resistance zone formed by SMA100 and 0.65950 level. RSI confirmed the price reversal. MACD histogram supports a further downward movement. DMI does not show the strength of buyers.
The market looks interesting for selling. If the price breaks the local uptrend line, it will give us a bearish signal. The market will be able to continue the main downtrend from the weekly timeframe.
All short trades must be used only with stop orders above the important resistance levels and swing highs. Don't forget that the better entry points you will get in the hourly charts.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
The market looks interesting for selling. If the price breaks the local uptrend line, it will give us a bearish signal. The market will be able to continue the main downtrend from the weekly timeframe.
All short trades must be used only with stop orders above the important resistance levels and swing highs. Don't forget that the better entry points you will get in the hourly charts.
Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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💎 Share My BEST Trades here 👉 bit.ly/wubits