Hi guys! It’s been a while since my last post so I thought maybe I would make one on the first day of 2019. It would have been great to see a big bear reversal during the final hours of 2018 but that didn’t happen so what now?
Well, please give this chart a thumbs up before continuing.
The 4-hour chart shows that the market has been gradually descending in a bearish channel. Price has also recently fallen below key support (yellow trendline), as well as the Ichimoku cloud, indicating that the short-term trend is back in the bear territory.
Buyers are struggling to push the price back up as of writing, just that there is no follow-through. Even though the technicals are nicely set up, the alpha bulls seem to be in no hurry to leave the bear territory and could be waiting to buy pullbacks at lower levels or possibly just buying time until the real volume returns.
With the market cliff-hanging below the 50, 100 and 200 moving averages, the downhill path is the one with the least resistance. A recovery and breakout above the descending channel would be a good time to enter the market. Risk-averse traders should wait until the 4000-resistance level is being taken out.
On the downside, if a recovery is not spotted soon, then the market is likely to test for support within the trade entry range.
To recap, the key levels to watch would be the yellow trendline and the 4000-level. Be sure to LIKE this chart if you want to see more updates.
Good luck and happy trading!
Well, please give this chart a thumbs up before continuing.
The 4-hour chart shows that the market has been gradually descending in a bearish channel. Price has also recently fallen below key support (yellow trendline), as well as the Ichimoku cloud, indicating that the short-term trend is back in the bear territory.
Buyers are struggling to push the price back up as of writing, just that there is no follow-through. Even though the technicals are nicely set up, the alpha bulls seem to be in no hurry to leave the bear territory and could be waiting to buy pullbacks at lower levels or possibly just buying time until the real volume returns.
With the market cliff-hanging below the 50, 100 and 200 moving averages, the downhill path is the one with the least resistance. A recovery and breakout above the descending channel would be a good time to enter the market. Risk-averse traders should wait until the 4000-resistance level is being taken out.
On the downside, if a recovery is not spotted soon, then the market is likely to test for support within the trade entry range.
To recap, the key levels to watch would be the yellow trendline and the 4000-level. Be sure to LIKE this chart if you want to see more updates.
Good luck and happy trading!
