No much to say, trend is your friend. We have a downtrend channel with lower highs and lower lows. we got also an overbought rsi which is best to use in trending moves. No financial advice, make your own analysis and trade it.
The Elliott Wave Principle posits that collective investor psychology, or crowd psychology, moves between optimism and pessimism in natural sequences. These mood swings create patterns evidenced in the price movements of markets at every degree of trend or time scale. Wikipedia.
What do you guys think?
on a bullish channel with strong support and resistance, if we look at the 30min tf also, we can see the price is bouncing back to the support, but I'd wait for a confirmation as even when it's that obvious, price can take another way, break the resistance and in that case it'd be a long signal to me.
my idea is that the price will touch again the support (previously resistance) to reach a new high. if the price keeps going down over the support, we probably gonna see an inversion of the trend. What do you think? Comment below
the price has risen in a strong uptrend and then started to consolidate between temporary support and resistance levels. that's a bullish rectangle for me. I'd wait for a confirmation then I'd open a long position with tp of the size that we have between support and resistance, or even more.