Price is currently testing the lower boundary of a daily bearish channel, the 78.6% FIB retracement level, and a long-term support area as well as bullish divergence between price and stochastic momentum oscillator in daily timeframe. This supportive cluster could potentially lead to the formation of a low around this price level.
On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
On the other hand, the bearish move in price appears to be a corrective bearish ABC move, correcting approximately 61.8% to 78.6% from the previous bullish move.
If you've found this analysis helpful, please take a moment to like, comment, or share your thoughts with me.
