Currently, price is testing the monthly resistance zone as well as the longterm trendline, which is a very interesting level for both buyers and sellers
There are a number of different scenarios that could play out based on price action. As price has effectively bounced off of the support area and looking set to break the resistance and trendline, some could expect buyers dominating the market in the coming days.
However the weakness of the bulls and high volatility we saw last week through the doji candlestick on the weekly, we cant be certain and should wait for more price action.
Through chart pattern analysis we can even identify a bear flag forming on the weekly, which would indicate further downward movement
There are a number of different scenarios that could play out based on price action. As price has effectively bounced off of the support area and looking set to break the resistance and trendline, some could expect buyers dominating the market in the coming days.
However the weakness of the bulls and high volatility we saw last week through the doji candlestick on the weekly, we cant be certain and should wait for more price action.
Through chart pattern analysis we can even identify a bear flag forming on the weekly, which would indicate further downward movement