From a technical analysis perspective, it can make a bounce downwards around 63.7-64 and the technical aspects are:
1. The major reason is the trendline which is pulled from 2016 low, second touch 2017 low, it made a breakthrough at 2018 and now, this is a classical retest situation. The 2018 breakthrough has occurred with a strong and powerful candle so this could be a sign that this trendline works as a strong resistance!
2. Around this trendline is the Fibonacci golden ratio - 61.8%
3. Previously worked support level which becomes now resistance (orange line)
4. Equal ABC count, this is a little bit higher than the ideal entry point but it is around that area and actually, it matches exactly with Monthly EMA100
5. As usually, a bearish candlestick pattern from the mentioned area would be another confirmation
Please, take a second and support my idea post by hitting the "LIKE", it is my only fee from You!
Have a nice day,
Best regards!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
1. The major reason is the trendline which is pulled from 2016 low, second touch 2017 low, it made a breakthrough at 2018 and now, this is a classical retest situation. The 2018 breakthrough has occurred with a strong and powerful candle so this could be a sign that this trendline works as a strong resistance!
2. Around this trendline is the Fibonacci golden ratio - 61.8%
3. Previously worked support level which becomes now resistance (orange line)
4. Equal ABC count, this is a little bit higher than the ideal entry point but it is around that area and actually, it matches exactly with Monthly EMA100
5. As usually, a bearish candlestick pattern from the mentioned area would be another confirmation
Please, take a second and support my idea post by hitting the "LIKE", it is my only fee from You!
Have a nice day,
Best regards!
*This information is not a recommendation to buy or sell, it is used for educational purposes only!
Comment:
All criteria have touched, we have even a small Shooting Star on the 4H chart, let's see how this gonna work out!
