In an uptrend, long sharp moves shove the price upward towards it's LONG awaiting destination, but every so often, bandits come out from hiding whenever the good stuff is in view. As in this case, bears come out from hiding to kill a few bulls and reclaim their SHORT destination driving the price down. But in an uptrend, bulls are bulls and usually reign strong, battling their way through scary bears and ugly paws reaching their destination with bright faces and few scratches.
The truth is, looking at the big picture there is no up or down trend yet, but pressure is building and a battle is about to begin. A wedge pattern is forming on the Monthly chart which probably looks twice as better on a Yearly chart but that's not the point...or is it o.O ....
Price on a monthly chart bounced off a major bearish trendline but didn't yet reach a major bullish trendline which would turn the price around for long. This minor downward move on the weekly chart (which may not be over yet) is a well planned attack by hungry bears to reclaim their short position, but this is a minor uptrend which means bulls have the upper hand in this fight.
Anytime soon on the yearly chart, a long battle will begin which the bulls might start, driving the price up to 1.60 and anywhere from there. But this is my view, and could be painfully wrong. Do your research, plan well, because a long term battle is coming soon! ~.~
The truth is, looking at the big picture there is no up or down trend yet, but pressure is building and a battle is about to begin. A wedge pattern is forming on the Monthly chart which probably looks twice as better on a Yearly chart but that's not the point...or is it o.O ....
Price on a monthly chart bounced off a major bearish trendline but didn't yet reach a major bullish trendline which would turn the price around for long. This minor downward move on the weekly chart (which may not be over yet) is a well planned attack by hungry bears to reclaim their short position, but this is a minor uptrend which means bulls have the upper hand in this fight.
Anytime soon on the yearly chart, a long battle will begin which the bulls might start, driving the price up to 1.60 and anywhere from there. But this is my view, and could be painfully wrong. Do your research, plan well, because a long term battle is coming soon! ~.~