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TECHNICAL ANALYSIS:
-Since the beginning of April 2020, the price has been following a long downtrend, until the end of June, where the price bounced twice on an important weekly support zone .
After the second rejection, the price hasn't been able to retest and break the support level , starting a new uptrend until it reached the resistance level at about 1.74000.
-The weekly resistance zone , rejected and quickly reversed the market in a downtrend until the previous support level .
-Since the half of September, the price started a new uptrend, following a clear ascending channel . Once it reached the resistance zone , it collapsed down but quickly back to the uptrend.
CONCLUSION:
-The price has been rejected from the resistance zone many times, and it actually happened again, that's definitely a strong level.
I aspect the price falling down, reaching the next support level at about 1.70000.
I'd eventually entry short only if the price will clearly break the trendline.
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TECHNICAL ANALYSIS:
-Since the beginning of April 2020, the price has been following a long downtrend, until the end of June, where the price bounced twice on an important weekly support zone .
After the second rejection, the price hasn't been able to retest and break the support level , starting a new uptrend until it reached the resistance level at about 1.74000.
-The weekly resistance zone , rejected and quickly reversed the market in a downtrend until the previous support level .
-Since the half of September, the price started a new uptrend, following a clear ascending channel . Once it reached the resistance zone , it collapsed down but quickly back to the uptrend.
CONCLUSION:
-The price has been rejected from the resistance zone many times, and it actually happened again, that's definitely a strong level.
I aspect the price falling down, reaching the next support level at about 1.70000.
I'd eventually entry short only if the price will clearly break the trendline.
❤️If you enjoy my FREE Technical Analysis , let me know that with a big LIKE, I'll be so glad!
Have you got some similar or interesting idea? Feel free to leave a comment below sharing your idea!
Are you interested getting more FREE Technical Analysis like this? SUBSCRIBE my channel and you won't miss anything!❤️
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