Price has been led astray from the Bullish Trend
that was formed earlier last year. Many oscillators are showing us that price has been overbought. From a candlestick
perspective the monthly timeframe
is showing signs of a bearish
reversal. Considering that price is currently at the 0.618 retracement
key level on the monthly timeframe
this could potentially roll over to the downside. I am currently waiting for this weeks candlestick
close in order for me to validate this analysis.
Though it may seem simple but if you zoom out of this graph you’ll realise why I’m so weary of going long at the moment.