Short term directions: Short
Reasons:
Starting our analysis on the daily chart, we can see that the price has been moving in the channel formation for the last few months. The price has recently made a bearish move and has made a bounce off the lower channel support line. On the longer timeframe, we are looking for the price to make a bullish move towards the indicated upper channel resistance line. Stop losses should be beneath the lower resistance line of the channel formation.
On the four hour chart, we can see that the price has indeed made a bullish bounce off the indicated lower support line. On this timeframe, we can also identify another resistance line indicated in the purple color. We are expecting a price reversal at this line and a bearish correction before we see the bullish move on the higher timeframe.
On the hourly chart, we can see that the latest bullish movement was bouncing off the yellow indicated support line. If we draw resistance as well, we can see that we have another channel formation on the lower timeframe as well. We are expecting the bullish move to continue until it touches the upper resistance line from the channel and the purple one as well. The RSI will probably be overbought by this time, that is another indicator that a bearish move will be coming. On the lower timeframe, we are expecting a bearish move as the bullish impulse needs to be corrected, but on the higher timeframe, the next impulsive move should be bullish.
We wish you good luck with your trading!
Reasons:
Starting our analysis on the daily chart, we can see that the price has been moving in the channel formation for the last few months. The price has recently made a bearish move and has made a bounce off the lower channel support line. On the longer timeframe, we are looking for the price to make a bullish move towards the indicated upper channel resistance line. Stop losses should be beneath the lower resistance line of the channel formation.
On the four hour chart, we can see that the price has indeed made a bullish bounce off the indicated lower support line. On this timeframe, we can also identify another resistance line indicated in the purple color. We are expecting a price reversal at this line and a bearish correction before we see the bullish move on the higher timeframe.
On the hourly chart, we can see that the latest bullish movement was bouncing off the yellow indicated support line. If we draw resistance as well, we can see that we have another channel formation on the lower timeframe as well. We are expecting the bullish move to continue until it touches the upper resistance line from the channel and the purple one as well. The RSI will probably be overbought by this time, that is another indicator that a bearish move will be coming. On the lower timeframe, we are expecting a bearish move as the bullish impulse needs to be corrected, but on the higher timeframe, the next impulsive move should be bullish.
We wish you good luck with your trading!