Very good potential for a short trade
Price has broken out of the yellow range zone on the 4 hour chart and has retested it on the 60 minute chart suggesting a bearish bounce will occur. Further confluence of this downwards move is from the break, retest of the counter upward channel, along with a bounce off the daily downtrend line. Price has also played out the Fibonacci, respecting the 0.382 level and bouncing to the downside.
Anticipate price will continue in the downtrend, towards the Fib 0 level (Target 1) and Fib -0.27 level (Target 2).
Price has broken out of the yellow range zone on the 4 hour chart and has retested it on the 60 minute chart suggesting a bearish bounce will occur. Further confluence of this downwards move is from the break, retest of the counter upward channel, along with a bounce off the daily downtrend line. Price has also played out the Fibonacci, respecting the 0.382 level and bouncing to the downside.
Anticipate price will continue in the downtrend, towards the Fib 0 level (Target 1) and Fib -0.27 level (Target 2).