The price is at a very important level of the ascending channel. The price could go either way. To go long i will wait for the price to break the dynamic trendline (green) and close above. For shorting opportunities, i would like to see price break the support trendline channel and then retest.
price needs to show some sort of direction, i will be monitoring on the 4 hour chart and will be looking out for rejections of the support and trend line to go long and will be entering according to the 1hour chart projected targeted for long trade is 0.906 red box.
If price breaks the yellow box and closes below on the 4hour candlestick i will enter for a short...
Price clearly broke the weekly support and now it looks like it is retesting the support as resistance and also has made a rising wedge for possible move down towards 1.19926 to make a double bottom on the monthly.
Looking at the higher timeframes i see price respecting the grey descending trend line. As we approach the new year we can see
price is at a previous resistance (1.12594) which has been broken and now being retested as support, if you check the lower time frames you can see a lot of rejections in that zone. The price needs to break the blue descending trend line...
Price is currently coming to a resistance trendline in channel lets wait and see whether it will respect it and go down breaking the blue trendline. However if we see a break above the trendline i will definitely wait for a retest so i will not fall for a fake breakout. But for now im in for a short.
blue arrows show that if price breaks and closes below the purple trend line then we could see a possible shorting opportunity. There are the red arrows which shows the 2nd possibile scenario which is the price bouncing off the green support area and moving up.
price is currently at a crucial point where it could bounce up or break below. Price respected the red ascending trend line several times lets wait and see if it will respect again. I have also added in the pink triangle to wait for the clear breakout. Wait for a confirmation on the 4hr chart.