We've reached a very strong resistance area. Based on last month, buyers have been unable to push through this level.
We are still in a downtrend although I believe the trend might be slowing down based on the failed attempt to break support around 0.7658.
If we look further left, we can see the resistance area held significantly in 2017 and even 2016.
We are still in a downtrend although I believe the trend might be slowing down based on the failed attempt to break support around 0.7658.
If we look further left, we can see the resistance area held significantly in 2017 and even 2016.
Comment:
So this is a very interesting development. My previous analysis might've been premature.
My initial reaction was this resistance had been broken and we might be seeing bullish reversal. However at the end of the week, there was a big rejection after reaching the 200 MA. Would this mean we're not ready to go back to that price yet?
Whatever happens on Monday, I think the short is still valid based on what happened at the end of the week. I'm actually convinced, going short here might be safer since what happened on Friday tells me it could've been a squeeze.
My initial reaction was this resistance had been broken and we might be seeing bullish reversal. However at the end of the week, there was a big rejection after reaching the 200 MA. Would this mean we're not ready to go back to that price yet?
Whatever happens on Monday, I think the short is still valid based on what happened at the end of the week. I'm actually convinced, going short here might be safer since what happened on Friday tells me it could've been a squeeze.
So what went wrong? Looking left I can see the downtrend and once we reached support area at 0.7658 price seemed to stall. Did it consolidate?
The trend was probably not as clear as I thought which may have affected my judgement on this setup.. Luckily I was hoping to get in on Monday but now it's safe to say I won't be going short.