So lets start on the weekly and see our overal direction of the trend. Lets check out where price is and where price is going.
We can see this pair going down for a while now. but it found support and it broke some major support zones. We can also clearly see a W formation.
I am looking at the linechart to make things more clearly.
The W formation is a reversal pattern and we also see these resistance zones being broken so that tells me we might see this pair continuing to the upside. Lets have a closer look.
On the daily we can see price wicking in this zone of support. that shows that a lot of buyers entered the market. If you ask me we are seeing a bullish pair so far.
But when i even look closer i start to doubt if the bulls are still in control.
on the 4H i see ths cypher pattern , a broken trendline and a head & shoulders forming.
this pair is not ready to short yet , but i also wouldn't dare to buy this.
We might see this pair dropping if the head and shoulders pattern is completed.
What do you think!?
I am looking at the linechart to make things more clearly.
The W formation is a reversal pattern and we also see these resistance zones being broken so that tells me we might see this pair continuing to the upside. Lets have a closer look.
On the daily we can see price wicking in this zone of support. that shows that a lot of buyers entered the market. If you ask me we are seeing a bullish pair so far.
But when i even look closer i start to doubt if the bulls are still in control.
on the 4H i see ths cypher pattern , a broken trendline and a head & shoulders forming.
this pair is not ready to short yet , but i also wouldn't dare to buy this.
We might see this pair dropping if the head and shoulders pattern is completed.
What do you think!?
this is something i would like to see before i go short. Lets not predict the market , dont trigger happy. this is just some analysis , some ideas. not a trade signal.