Following recent downtrend movement, price has now come to 61.8 retracement.
Also whilst forming a daily doji candlestick at that point.
Price also made a daily doji and triple bottom at a level of previous support, so price is also justified to break to the upside or even a further retracement. But my guess leads to further downside potential
61.8% retracement on 1h
- Stochastic indicating reversal
- market to reach 1.15335 (strong zone of structure)
- before potentially signalling head and shoulder pattern
- *potential bullish momentum to come if price respects zone and does not breakthrough
- RSI approaching overbought area
- Stochastic anticipating reversal
-Looking left zone confirms key area
of structure both as support & resistance
- Strong Trendline on Weekly
- RSI Divergence on Daily
*Anticipating a harsh sell mostly on 1h chart, before retracement then continuation into sell position