Price in a strong monthly downtrend since 2012
Green zone of interest shows key areas of support and resistance throughout price history
4 Hour downtrend channel plotted with at least 3/4 touches on each side
Fib retracement plotted with price currently retracing to the 0.76 Fib level which is confluent with the downtrend channel
Bounce looks to be in play - heading towards the top green dotted line and the 0.5 Fib level. Watch for a test and possible break of this area before entering.
If a bearish break happens then enter short to Fib level 0 as Target 1 and -0.27 as Target 2 which is confluent with downtrend channel.
Green zone of interest shows key areas of support and resistance throughout price history
4 Hour downtrend channel plotted with at least 3/4 touches on each side
Fib retracement plotted with price currently retracing to the 0.76 Fib level which is confluent with the downtrend channel
Bounce looks to be in play - heading towards the top green dotted line and the 0.5 Fib level. Watch for a test and possible break of this area before entering.
If a bearish break happens then enter short to Fib level 0 as Target 1 and -0.27 as Target 2 which is confluent with downtrend channel.
