The market is still under control, and we don't yet know what cards are remaining unfolded. The current market IMO is trying to play with traders's desires, it gave you whatever you sought to see whether you are a bear or bull. Be really attentive with your trades and don't extremely believe in a single consequence, just imaging we're playing Mahjong or Poker that no matter how good your hand is, you still need to keep all those opponent's possibility to win in play.
Jump right to the chart:
Jump right to the chart:
- Yesterday's decline was majorly expected and can be obviously seen from the chart. These two levels have been played several times. Nothing big here but only we know that the support did its job pretty well.
- For 2 weeks, both significant EMAs have been crossed, resulting in a great rise and the prices have been trading over these lines.
- It looks like a classic setup for me, in 4HTF we hit the high resistance and instantly retraced back to the support above the EMAs. And we can also see a significant crossover of the EMA50 above the EMA200 and the price started to bounce back from there, expecting to test the resistance again.
- If you'd like, this can be viewed as another inverse H&S, but only bigger. In a situation like this is not really stupid to see what (recent)history can tell us.
- A minor classic H&S could be a concern for very short-term, but I don't think it will be respected, just like last week.
Trade active:
Here we go.