Hi everyone! That's how I see this pair (long term)
I see that the market has had a very strong bullish impulse, and it took 15 days to do so, and a fairly slow retracement, taking 117 days so far, that means there has been little bearish pressure.
The market is now arriving in an important area where there is an inefficiency that the market sooner or later feels the need to fill;
I put the light purple lines to indicate the candle that broke the last bearish structure created and where the market has never returned.
From this analysis I can understand that the market is going to cover that inefficiency and from there there is the possibility to go long. We need to see how the market will react in that area. Updates will come about it.
Let me know what you think in the comment and if you like it, drop a 👍👍👍👍. Thank you 💙
I see that the market has had a very strong bullish impulse, and it took 15 days to do so, and a fairly slow retracement, taking 117 days so far, that means there has been little bearish pressure.
The market is now arriving in an important area where there is an inefficiency that the market sooner or later feels the need to fill;
I put the light purple lines to indicate the candle that broke the last bearish structure created and where the market has never returned.
From this analysis I can understand that the market is going to cover that inefficiency and from there there is the possibility to go long. We need to see how the market will react in that area. Updates will come about it.
Let me know what you think in the comment and if you like it, drop a 👍👍👍👍. Thank you 💙
It will probably do a distribution, then go down. In that case we could try for a sell entry. Updates will come 😄🦾📈📉📊