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TECHNICAL ANALYSIS: Since the beginning of November, the price has been following a strong uptrend, getting a stronger correction just at the end of December (the increasing of momentum and high volatility are a nice confirmation).
Once the price reached the main weekly resistance at about 0.78122, the price bounced on that and failed the retest, falling quickly down.
The price's just broken the support level and the next price action could be a confirmation of this market's inversion.
CONCLUSION: I think there is a good chance to get this trade, the price is probably starting a new downtrend, it seems is actually moving in a descending channel. If the price will retest the dynamic trendline's resistance or the resistance zone, we could definitely prepare a great short trade and I will update the details about the entry point, take profit and stop loss.
Stay tuned for Updates and Signals about this trade! What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly Gianni
Comment
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The price has just reached the dynamic resistance of the secondary trendline. If the price will get a rejection, I'll plan a Short Position once the price will break the level at about 0.77250