As you can see from the chart, the price change direction into a bullish trend scenario after making a double bottom pattern and broke out of the long-term descending wedge. Now, the price has retraced back to retest the double bottom neckline which also a weekly SR level and even lined up with our 50.0 Fib ratio and moving averages. Considering that price has broken above out Counter Trend Line (CTL) after rejecting from the confluence zone, this gives us a validity to go long. However, a little exhaustion move is expected to retest a minor SR level before the breakout before we see the bullish move.
Thanks for reading!
Thanks for reading!