Given the extension of the move on late Friday. We can assume that there is plenty of buying power in this pair. Possibly an exit of short positions as well.
For the opening this evening, we need to look at price action and reaction of certain levels.
There is a high chance of new sells coming in, as well as for buys coming in out of FOMO.
So this leaves place for different scenarios on the horizon.
I would like to mention that I feel that this pair is bullish in the mid-long term. However, given the fragile environment. Price could swing easily in both directions depending on news, geopolitics, and central bank buying.
It may seem like high levels to buy, but don't think that this pair could reach new ATH in a matter of days or weeks.
I see any kind of pullback as an opportunity to add longs, and spikes like a nice opportunity to add some shorts as a hedge. Its likely price will cross tops on more occasions during the near term.
Feel free to comment.
Have a amazing week!
For the opening this evening, we need to look at price action and reaction of certain levels.
There is a high chance of new sells coming in, as well as for buys coming in out of FOMO.
So this leaves place for different scenarios on the horizon.
I would like to mention that I feel that this pair is bullish in the mid-long term. However, given the fragile environment. Price could swing easily in both directions depending on news, geopolitics, and central bank buying.
It may seem like high levels to buy, but don't think that this pair could reach new ATH in a matter of days or weeks.
I see any kind of pullback as an opportunity to add longs, and spikes like a nice opportunity to add some shorts as a hedge. Its likely price will cross tops on more occasions during the near term.
Feel free to comment.
Have a amazing week!