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TECHNICAL ANALYSIS:
Since the end of October, the price started following a clear descending channel bouncing and breaking the support area at about 1.61000.
The price continued the downtrend without any hesitation and sign of weakness but now it reached an important main support zone, it could be the moment to get a short correction, still keeping the price inside the channel.
CONCLUSION:
The support zone at about 1.57000 rejected the price many times in the past and it could happen again! The price's just reached the dynamic support line of that channel and it could be an extra confirmation of this trend correction, eventually we can properly see a rejection around this area!
I don't really think to open any position right now, because as a trader I usually follow the trend without going to the opposite side.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since the end of October, the price started following a clear descending channel bouncing and breaking the support area at about 1.61000.
The price continued the downtrend without any hesitation and sign of weakness but now it reached an important main support zone, it could be the moment to get a short correction, still keeping the price inside the channel.
CONCLUSION:
The support zone at about 1.57000 rejected the price many times in the past and it could happen again! The price's just reached the dynamic support line of that channel and it could be an extra confirmation of this trend correction, eventually we can properly see a rejection around this area!
I don't really think to open any position right now, because as a trader I usually follow the trend without going to the opposite side.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
