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TECHNICAL ANALYSIS:
Since November, the price started following a clear descending channel, bouncing many times on the dynamic S/R level of this pattern.
At the end of December, the price wasn't able to reach again the dynamic support of the descending channel, in fact as we can see in this chart, the price got a rejection on the support zone at about 0.68874
Since that moment, the price started a short period of side trend, concluded at the beginning of January. The price then, broke the resistance zone and the dynamic resistance trendline.
The price is actually retesting the S/R level and the next price action around this level will be helpful to understand and confirm our prediction.
CONCLUSION:
I think the price will get a nice pullback on that support zone, in a Daily and Weekly perspective the price is following an uptrend and there is not sign of weakness right now.
IF THE PRICE will clearly bounce on the support zone, we could start looking for a great LONG position.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
TECHNICAL ANALYSIS:
Since November, the price started following a clear descending channel, bouncing many times on the dynamic S/R level of this pattern.
At the end of December, the price wasn't able to reach again the dynamic support of the descending channel, in fact as we can see in this chart, the price got a rejection on the support zone at about 0.68874
Since that moment, the price started a short period of side trend, concluded at the beginning of January. The price then, broke the resistance zone and the dynamic resistance trendline.
The price is actually retesting the S/R level and the next price action around this level will be helpful to understand and confirm our prediction.
CONCLUSION:
I think the price will get a nice pullback on that support zone, in a Daily and Weekly perspective the price is following an uptrend and there is not sign of weakness right now.
IF THE PRICE will clearly bounce on the support zone, we could start looking for a great LONG position.
Stay tuned for updates!
What's your opinion? Share your idea writing a comment!
Trade Safe and Responsibly
Gianni
Comment:
The price got a clear rejection on the support area, a possible sign of pullback
