Price has tried a number of times to breakout of this support zone as seen from the multiple wicks. These signs of rejection also seem to be forming a bullish falling wedge pattern which is regularly followed by a bullish move. This move could happen this week, next week or next month. There is no way to really tell when the breakout will occur. Therefore, setting an alert could be helpful in telling us when the move may be ready. As usual, drop to a lower time frame for a better entry.
Note: Price could still decide to breakout of this support zone and continue selling. However, based on the rejection at this zone that we're seeing, it's more likely that we could get a buy next. Hope this helps someone. Happy trading!
Note: Price could still decide to breakout of this support zone and continue selling. However, based on the rejection at this zone that we're seeing, it's more likely that we could get a buy next. Hope this helps someone. Happy trading!