Market seems to be bullish but, not enough...
Price has created a possible trend line, we can see price is respecting a kind of a "zone". this zone is represented as a rejection pattern in H4, this zone is also a 38% FIBONACCI RETRACEMENT which seems to be respecting as the volume goes down until the weekly support bellow.
Additional confirmation:
Anyways, we must go with the market. so in any cases, the market goes down, price must brake that "trend line", respect it and continue its way down.
I have added some waves to reference some cycles.
Price has created a possible trend line, we can see price is respecting a kind of a "zone". this zone is represented as a rejection pattern in H4, this zone is also a 38% FIBONACCI RETRACEMENT which seems to be respecting as the volume goes down until the weekly support bellow.
Additional confirmation:
- the EMA(200) acts as support.
- MACD(3,10,16) value area has bullish momentum
Anyways, we must go with the market. so in any cases, the market goes down, price must brake that "trend line", respect it and continue its way down.
I have added some waves to reference some cycles.