As you can see, we are in a strong downtrend background, RSI showing it clearly. I expect a retest of the support level and a lower low all the way down to the weekly support at 108.160. Once the price shoes a rejection of the previous support, we can place a sell till the next level.
- Daily RSI shows an overbuy
- Bearish candlestick formation suggests a slight reversal
- Fibonacci retracement shows that price is testing a strong resistance level at 0%, even in a clear uptrend context.
We can expect a pullback and retest of the lower support 23.60%.
- Good luck
Title is self explanatory :
Formation of a Descending Triangle after a downtrend. I would wait for a break in the support line of the triangle to enter the trade. RSI also shows a bearish trend highlighted by the red trendline, which is a sell signal.
Since it is a chart pattern, SL can be tightened a little bit more to the entry price.
- Good luck all
- Fibonacci retracement shows a clear respect of the 50% retracement level and means a possible short to the 38.20% level.
- RSI shows that price is overbought (above 70.)
- A bearish evening star candle formation supports the possibility of a sell
A safe move would be SL at 79.000 above the 61.80% resistance and TP at 0.77400. Simple analysis but with many...