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
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*This information is not a recommendation to buy or sell, it is used for educational purposes only!
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All criteria have touched, we have even a small Shooting Star on the 4H chart, let's see how this gonna work out!
It is still bullish long term. Here are my two scenarios.
VaidoVeek
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@TradingShot, Yes, long term it looks like a bullish bias but we might get some rejection from the mentioned levels for short-term!
TradingShot
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@VaidoVeek, Of course! And that is why I will buy near 59.70! Good job my friend!
UnknownUnicorn3717994
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YES BECAUSE HAVE A BEARISH HARAM ON DAILY I SEE 60 coming
VaidoVeek
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@erikdobra, actually, you can't count this Harami yet, because the Daily candle is still "alive" and the candlestick patterns are valid ONLY then when it has made a close!
UnknownUnicorn3717994
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@VaidoVeek, but the bearish haram one is complet and see one up and down on 15March where price going on 60 and downtrend coming for on 58
VaidoVeek
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@erikdobra, okay, then this is not the Harami. Harami candle has to be inside the previous candle, all has to be inside the previous candle - high, low, open, close!