Could we retest resistance and head lower ?
Thought of the following scenario where we are seeing a bullish divergence on the 1h timeframe, this could drive the price up to it's resistance at approximately 7400.
From there get a rejection and make a lower low, maybe testing the fib. level of 50% (6550). Fib level on Logarithmic scale!
We would see some interesting price action going on around the 6800-6900 as there should be some significant support.
I think we could either bounce from the lower 6k area but as well as from 6800-6900 although I do think lower 6k makes more sense.
It could leave us with a triple bullish divergence on the daily timeframe which is bringing steam to the table for the bulls!
From there get a rejection and make a lower low, maybe testing the fib. level of 50% (6550). Fib level on Logarithmic scale!
We would see some interesting price action going on around the 6800-6900 as there should be some significant support.
I think we could either bounce from the lower 6k area but as well as from 6800-6900 although I do think lower 6k makes more sense.
It could leave us with a triple bullish divergence on the daily timeframe which is bringing steam to the table for the bulls!
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