Note: All of what I claim below is simply the way I perceive the market. I am not certain nor do I suggest you take my advice without first taking into consideration what I have said. Whatever you do, be critical of what everyone claims. Those who claim certainty in the market tend to get hurt the most.
Observations
Notice how price broke below the major diagonal uptrend line (A) and spiked back above it. This tells me that price is still in an uptrend and that the market participants felt strongly about this sentiment.
When it broke below the diagonal uptrend line (A), look how it bounced off of the already established major horizontal trendline (B), further strengthening this area as a strong support level.
The action mentioned above led to the development of a large channel between trendline B and C. This suggests that the price is likely to continue trading within this range, as each level will require a great deal of fighting to get through. This will not be an easy feat.
I wouldn’t be surprised to see some trading within that ascending triangle I’ve highlighted above. I only say this because the horizontal trendline C and the diagonal trendline A intersect at the rightmost end of that triangle. I expect a strong movement when it breaks above or below those two major trendlines.
I believe there is a high probability that we will soon see a retest of the major resistance level. If it breaks above, I imagine the price will continue its course upward.
But if it breaks below uptrend line (A), then I imagine it will continue towards major support trendline (B) and experience resistance there. A break below that would not be a good sign..
Thanks for reading,
Have a nice day!
Observations
Notice how price broke below the major diagonal uptrend line (A) and spiked back above it. This tells me that price is still in an uptrend and that the market participants felt strongly about this sentiment.
When it broke below the diagonal uptrend line (A), look how it bounced off of the already established major horizontal trendline (B), further strengthening this area as a strong support level.
The action mentioned above led to the development of a large channel between trendline B and C. This suggests that the price is likely to continue trading within this range, as each level will require a great deal of fighting to get through. This will not be an easy feat.
I wouldn’t be surprised to see some trading within that ascending triangle I’ve highlighted above. I only say this because the horizontal trendline C and the diagonal trendline A intersect at the rightmost end of that triangle. I expect a strong movement when it breaks above or below those two major trendlines.
I believe there is a high probability that we will soon see a retest of the major resistance level. If it breaks above, I imagine the price will continue its course upward.
But if it breaks below uptrend line (A), then I imagine it will continue towards major support trendline (B) and experience resistance there. A break below that would not be a good sign..
Thanks for reading,
Have a nice day!