Hello traders, let's get right on, as there's a lot to take in here.
As it stands, the downtrend has stalled at 1.618 extension (a good reversal point) of the original leg, which happens to be right into a strong demand zone (The red lengthy rectangle below shows the demand zone). So far the last few daily candles have been lingering around in this area, and it still appears to be indecisive. I'm looking for buy opportunities within the rectangle if they arise.
On the other hand, I have noticed bearish divergence on the stochasticRSI. Today has also put in a strong bearish candle, part of me is expecting to see a breakout below the rectangle, this small divergence could be enough to push the price out of the support box and down to the channel low areas again. It is a difficult trade, it's just one of those complex trades where you have to just wait and see. This small divergence could be enough to push the price out of the support box and down to the channel low areas again.
Finally, there is a potential bullish shark pattern completion which will complete around 0.7860 area which will create a strong buying opportunity for harmonic traders.
Hope you find this content useful,
Good luck traders
As it stands, the downtrend has stalled at 1.618 extension (a good reversal point) of the original leg, which happens to be right into a strong demand zone (The red lengthy rectangle below shows the demand zone). So far the last few daily candles have been lingering around in this area, and it still appears to be indecisive. I'm looking for buy opportunities within the rectangle if they arise.
On the other hand, I have noticed bearish divergence on the stochasticRSI. Today has also put in a strong bearish candle, part of me is expecting to see a breakout below the rectangle, this small divergence could be enough to push the price out of the support box and down to the channel low areas again. It is a difficult trade, it's just one of those complex trades where you have to just wait and see. This small divergence could be enough to push the price out of the support box and down to the channel low areas again.
Finally, there is a potential bullish shark pattern completion which will complete around 0.7860 area which will create a strong buying opportunity for harmonic traders.
Hope you find this content useful,
Good luck traders