Short term direction: Short
Reasons:
Starting the analysis on the daily chart we can see that the price just made a break beneath the indicated resistance line. As the RSI has oversold a correction appeared and the price is now retesting the line from below making it resistance. We are expecting a bearish bounce as the price touches the resistance line.
On the four hour chart, we can see that the price has probably already made a retest of the resistance line and is going to head in the bearish direction next.
The hourly chart shows us that the bearish movement after a retest of the resistance line has already begun to form the move that we believe is going to be a sharp and impulsive one.
We wish you good luck with your trading!
Reasons:
Starting the analysis on the daily chart we can see that the price just made a break beneath the indicated resistance line. As the RSI has oversold a correction appeared and the price is now retesting the line from below making it resistance. We are expecting a bearish bounce as the price touches the resistance line.
On the four hour chart, we can see that the price has probably already made a retest of the resistance line and is going to head in the bearish direction next.
The hourly chart shows us that the bearish movement after a retest of the resistance line has already begun to form the move that we believe is going to be a sharp and impulsive one.
We wish you good luck with your trading!