Price seems to be approaching a level on the chart that has historically served as resistance and support, the trade should be taken if the upper trend line is broken, and more so if a candle closes above the trend line. Another supporting factor is that the rsi indicates that price is currently oversold meaning anytime price should even out. A possible tp could be the 50% level on the fib.
Please bare in mind i am a new trader who has not opened a live account yet, and so this analysis should be taken like a grain of salt. The reason i am publishing is more so for my own benefit.
Please bare in mind i am a new trader who has not opened a live account yet, and so this analysis should be taken like a grain of salt. The reason i am publishing is more so for my own benefit.
Kommentar:
Price has still not broken the upper trend line therefore there is still no reason to enter a long position yet, in fact if you want to you could even trade based on the fact that price will respect the trend lines.
Trade geschlossen: Ziel wurde erreicht:
As you can see price has gone roughly where we the analysis said it would go. As soon as the upper trend line was full broken price moved in a bullish manner into a tp.