Trend is neutral on this timeframe and price is fighting to
stay inside the Cloud, with a few long wicks piercing through
towards the S/R level at 2.03. Bulls would like to see price
close above the 2.47 level (red line) and make an attempt
to breakout of the Cloud to the upside, which would involve
a breaching of the Weekly pivot point too at 2.625.
There are definitely strong buyers around the 2.00 dollar mark
and the current retracement from the top has the shape of
two waves, so we might see a new leg up coming soon.
If price breaks lower and close below the Cloud or the
Weekly S1, it is likely to see an attempt to test the yet
untraded longer term pivot points, that stand in a cluster
around 1.50. The fact that the projected Cloud has twisted
bearish is a sign that the sellers have control and any
Cloud breakout attempt to the upside will be met with
strong resistance.
Overall, price is threatening bearish continuation and
Bulls are in need of a strong upside candle to shake off
sellers and boost some momentum.
******
If you want to support this channel check out the
profile page at the top for details. Thanks.
******
stay inside the Cloud, with a few long wicks piercing through
towards the S/R level at 2.03. Bulls would like to see price
close above the 2.47 level (red line) and make an attempt
to breakout of the Cloud to the upside, which would involve
a breaching of the Weekly pivot point too at 2.625.
There are definitely strong buyers around the 2.00 dollar mark
and the current retracement from the top has the shape of
two waves, so we might see a new leg up coming soon.
If price breaks lower and close below the Cloud or the
Weekly S1, it is likely to see an attempt to test the yet
untraded longer term pivot points, that stand in a cluster
around 1.50. The fact that the projected Cloud has twisted
bearish is a sign that the sellers have control and any
Cloud breakout attempt to the upside will be met with
strong resistance.
Overall, price is threatening bearish continuation and
Bulls are in need of a strong upside candle to shake off
sellers and boost some momentum.
******
If you want to support this channel check out the
profile page at the top for details. Thanks.
******