Price so far has carved a downward channel where action is taking place
The problem to go short is there ain’t many signals to confirm it..
Reasons to go short:
1) Price is at the upper channel line
2) Bearish engulfing candlestick pattern
3) “bearish divergencies” with Macd and RSI but aren’t powerful enough
A suggestion would be to go one time frame lower...
Price is right now at support. So far it has carved an uptrend channel which is being testet at his lower side.
It is time to look for many signs as you can there and enter:
Reasons so far:
1) Price is being backed up by the 20ma
2) Price is testing the lower channel side
3) Price is aligning with main 0.382 fibonacci retracement levels.
Trade at your own...
Price so far has carved an inverse head and shoulders which has already broken setting up a current uptrend channel where we are now.
Despite the fact that there are no signs this channel could break before reaching resistance I guess is late to join the market.
I think the best thing to do in this case is to wait for a pullback to the support area. Look for...
Reasons to go short:
1) Price just reached 200 EMA
2) Price oscilating at the 61.8 fibonacci level
3) Evening Star candlestick pattern set up
If you’ve found any more signals, I’d love to know
Cheers!
