Between 54.015 & 53.800 and between 53.800 & 50.800 the big picture is still bullish ...
Start of last week we got a good news from the OPEC - as the price rocked Up (from 53.130 until 55.501). Suitable in this context is maybe the technical fact, that while the 2nd half of the week, traders traded BCOUSD in a trend-reversal-formation (something like a w wave). And that the price also breaked out of the downside trend (since mondays weekly high & tuesday intraday high). All in all, this fits the great overall picture, in my opinion! In principle, even between 54.015 & 53.800 and between 53.800 & 50.800 a pretty slightly bullish chart ...
56.027 (a) horizontal line - yearly high 2016
55.270 (b) horizontal line - tuesday intraday high
54.684 (c) horizontal line - wednesday intraday high
53.663 horizontal line - (high, start) wave formation
53.458 horizontal line - (high, middle - 1st of 2) wave formation
53.430 horizontal line - (high, middle - 2nd of 2) wave formation
53.423 horizontal line - (high, end) wave formation
53.032 horizontal line - temporarly high of last week before
52.695 horizontal line - (low, start) wave formation
52.511 horizontal line - (low, middle) wave formation
52.113 horizontal line - (low, end) wave formation
51.585 horizontal line - end of startline (last upside trend of last weeks before
The highs of the w wave (even horizontal lines) are usefully to get long again or even if you`re not long (more or lesse around 53.663, 53.458, 53.430 & 53.423). The temporarly high of last week before is so much important, at least in my opinion, `cause prices above are confirming even a trend-reversal-formation. On daily candlestick charts you can see and realize better what i mean :)
How ever, also the lows of the w wave are usefully to get long, but this would be much more interesting for scalper or even intraday trader. `Cause if the prices around 52.695, 52.511 & 52.113 not holds, 51.585 ios still in play. But all in all as i said at the start BCOUSD prices between 54.015 & 53.800 and between 53.800 & 50.800 are making the big picture is still bullish ...
Take care & analyzed it again - it`s always your decission ... (for a bigger picture zoom the chart)
This is only a analysis (for swing traders) - no recommendation !!! Buying/Selling or even only watching is always your own responsibility ...