is looking great in the medium-term and we can expect the prices to go back to their original highs from which new ones will be created. However, on the short-term perspectives we are more on the bearish
side, in my view, it is likely that we will see a dip to the support line where you should look to accumulate), this is also backed up by the MACD
. Once the support is touched there is likely to period of consolidation and momentum building before another leg upwards which will lead to the first resistance breaking and we will head to the second one. In the worst case scenario (which is unlikely to happen), we will fall below the major support lin that has been shown on the graph and we will continue dropping below this area.
- MACD - Looks to be following the previous trend (of which the lines cross in the north direction can continue folloiwing this movement). This still looks quite bearish and may indicate another sell-off.
- RSI - Similiar to the MACD there is alot of space for movement in the bearish direction, right now we are currently a small amount higher than the midway area, which tells us there is more likely to be a sell-off.
- Orange - Resistance.
- Pink - Support.
As always trade the lines accordingly.