In my previous post analysis , i predicted that price reverse was likely due to the bullish divergence (purple arrows). However price had to form a bearish engulfing candle so it passes the 20SMA & trend-line resistance (black Line). Furthermore price had to retest the trend-line (labeled) to signal that the price reversal was complete. This is exactly what...
A few points below are likely to show that price is about to reverse , turning bullish.
1) Price has reached D1 horizontal support
2) H1 & H4 charts showing a bullish divergence (purple arrows)
3) Bearish momentum seems to be ending due to the small bear candles forming.
However before committing to a long trade, am waiting to see the formation of a bullish ...
D1 & H4 charts has been showing a bullish divergence (purple arrow lines) for a while now so maybe now price staring to reverse. On H4 chart price has already to raise but it has to 1st pass the 20 SMA & the trend-line resistance (black line) to clearly signal that price will remain bullish.