We have 2 signals telling us bearish trend is over :
1) bullish breakout from descending channel and a little pullback on that.
2) divergence on the RSI at the end of trend.
But note that the price is in a strong resistance area and anything could happen this week.
If you look at daily time frame you can see a perfect bullish flag pattern. So if this breakout be real we could expect the price rally up again.
If price breaks the resistance line (wich also is a 38.4% retracement area )and close above it we could say its going bullish through the Fib retracement levels first and then the next target is around 1.59000 and even higher in the future.
But if price go back to channel we could consider that as a fake breakout and its proceeds as before.
So monitor for breakouts and pullbacks and also use candlestick patterns for confirmation and finding the best entry point.
Thank you , do not forget like and comment!
1) bullish breakout from descending channel and a little pullback on that.
2) divergence on the RSI at the end of trend.
But note that the price is in a strong resistance area and anything could happen this week.
If you look at daily time frame you can see a perfect bullish flag pattern. So if this breakout be real we could expect the price rally up again.
If price breaks the resistance line (wich also is a 38.4% retracement area )and close above it we could say its going bullish through the Fib retracement levels first and then the next target is around 1.59000 and even higher in the future.
But if price go back to channel we could consider that as a fake breakout and its proceeds as before.
So monitor for breakouts and pullbacks and also use candlestick patterns for confirmation and finding the best entry point.
Thank you , do not forget like and comment!
Comment:
failed to break the resistance , we monitor the price movement for possible retests the resistance in the future.