Bearish signals: As you see, there is a downtrend in 4H time frame which is in the correction phase in the form of a triangle pattern for now. The last week’s candle has been closed below the weekly pivot (1.19212). There is a negative divergence between MACD and price peaks. RSI is below 50 which means there is more downside pressure. IF there was a downside breakout on the pattern, waiting for the pull back in 30min time frame to enter short. We can expect the price to fall around S1 & maybe S2.
Bullish signals: Although we have a downtrend, price couldn’t make a lower low and got rejected by the triangle’s lower side. IF price rises to the weekly pivot and candle closes above that level, we can expect the price to grow towards the triangle’s upper side and make a triple bottom pattern and then IF the pattern broken out to the upside, we can expect the price to grow more around the resistance level. Personally, I expect the bearish scenario. What do you think?
Bullish signals: Although we have a downtrend, price couldn’t make a lower low and got rejected by the triangle’s lower side. IF price rises to the weekly pivot and candle closes above that level, we can expect the price to grow towards the triangle’s upper side and make a triple bottom pattern and then IF the pattern broken out to the upside, we can expect the price to grow more around the resistance level. Personally, I expect the bearish scenario. What do you think?
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