Short term directions: Short
Reasons:
Starting our analysis on the monthly chart, we can see that the price has been making a bullish run, forming a channel formation. It is now at the level of support and resistance, so the movement in the bullish direction will probably slow down a bit at this level. We are looking for a break above the resistance line, a retest and then a further bullish movement.
On the daily chart, we can see that the price has made a bullish bounce off the indicated lower channel line recently. The RSI is becoming overbought as the movement is quite impulsive, so we have a reason to believe that a bearish or a sideways correction is going to take place soon. After that, we believe that the price will probably bounce off the lower channel support line, and make a bullish run.
The four-hour chart shows us that the latest bullish movement has been bouncing off the indicated purple support line, and making higher highs and higher lows, which indicates us that the trend is in the bullish direction. We expect a pullback to the purple support line, and then another bullish bounce back up.
Finishing the analysis on the hourly chart, we can see that the price has just touched the upper resistance line of the triangle formation. The RSI is on the overbought side as well, so that are two reasons for us to expect a bearish move towards the lower support line.
We wish you good luck with your trading!
Reasons:
Starting our analysis on the monthly chart, we can see that the price has been making a bullish run, forming a channel formation. It is now at the level of support and resistance, so the movement in the bullish direction will probably slow down a bit at this level. We are looking for a break above the resistance line, a retest and then a further bullish movement.
On the daily chart, we can see that the price has made a bullish bounce off the indicated lower channel line recently. The RSI is becoming overbought as the movement is quite impulsive, so we have a reason to believe that a bearish or a sideways correction is going to take place soon. After that, we believe that the price will probably bounce off the lower channel support line, and make a bullish run.
The four-hour chart shows us that the latest bullish movement has been bouncing off the indicated purple support line, and making higher highs and higher lows, which indicates us that the trend is in the bullish direction. We expect a pullback to the purple support line, and then another bullish bounce back up.
Finishing the analysis on the hourly chart, we can see that the price has just touched the upper resistance line of the triangle formation. The RSI is on the overbought side as well, so that are two reasons for us to expect a bearish move towards the lower support line.
We wish you good luck with your trading!