Short term direction: Long
Reasons:
Starting our analysis on the daily timeframe we can see, that the price has just made a bearish move after breaking above the indicated line that has acted as a resistance. Now we are waiting for the price to touch the line from the upside as it now acts as a support line. We do expect it to hold and provide us with a bullish bounce to the upside.
Continuing our analysis on the four-hour chart, we can see the same as on the daily chart, as the price has made a bearish retracement after a bullish impulsive move to test the indicated support line. We do not see any reason why the line should not hold, so we do believe that the support line will provide us with a bullish bounce.
On the hourly timeframe, we can see that the price has already been testing the indicated support line in the past few days, and it held every time. The price is at the support line right now, and looking at the RSI is telling us that it is oversold. That gives us another reason to believe that the next move is going to be a bullish bounce off the indicated support line.
We wish you good luck with your trading!
Reasons:
Starting our analysis on the daily timeframe we can see, that the price has just made a bearish move after breaking above the indicated line that has acted as a resistance. Now we are waiting for the price to touch the line from the upside as it now acts as a support line. We do expect it to hold and provide us with a bullish bounce to the upside.
Continuing our analysis on the four-hour chart, we can see the same as on the daily chart, as the price has made a bearish retracement after a bullish impulsive move to test the indicated support line. We do not see any reason why the line should not hold, so we do believe that the support line will provide us with a bullish bounce.
On the hourly timeframe, we can see that the price has already been testing the indicated support line in the past few days, and it held every time. The price is at the support line right now, and looking at the RSI is telling us that it is oversold. That gives us another reason to believe that the next move is going to be a bullish bounce off the indicated support line.
We wish you good luck with your trading!