Hi everyone
on the Daily chart we had ascending channel that broke downward.
this ascending channel has formed a bearish flag pattern indicating we may
have more declining moves in days coming.
in shorter time frames (intraday charts) though price may try to test our 200MA
or go sideways for a while before more downward pressure.
our key level is 1785$ support level. breaking below this level confirms more drop.
from indicator aspect all evidence indicate we are in bearish zone.
so for longer time frame traders long position is not recommended.
price below the 1785$ can drop to 1740 target in days coming.
if the daily price close above 1802$ resistant level or back to the channel up again this
strategy would be invalidate for a while.
Enjoy the market
on the Daily chart we had ascending channel that broke downward.
this ascending channel has formed a bearish flag pattern indicating we may
have more declining moves in days coming.
in shorter time frames (intraday charts) though price may try to test our 200MA
or go sideways for a while before more downward pressure.
our key level is 1785$ support level. breaking below this level confirms more drop.
from indicator aspect all evidence indicate we are in bearish zone.
so for longer time frame traders long position is not recommended.
price below the 1785$ can drop to 1740 target in days coming.
if the daily price close above 1802$ resistant level or back to the channel up again this
strategy would be invalidate for a while.
Enjoy the market
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