As we see, we have a triangle forming here.
Now with every crossing of Support or Resistance, there might be a breakout to that direction.
Right now the EMA 200 is below the price, what means the breakout should go long. On the same time though, we see that the EMA 200 is very close the the price and could change its mind every second... So that is not a good help right now.
The main trend is long as well, but on the other hand, the price forms lower highs (sign for a downtrend)...
Me personally, I think the breakout will go long, but its a 50/50. You could also just flip a coin.
Keep watching it is the only definitive way to see what the price will do...
Good luck!
If you have any information why the price would more likely go in either direction, I am glad to hear it!
Now with every crossing of Support or Resistance, there might be a breakout to that direction.
Right now the EMA 200 is below the price, what means the breakout should go long. On the same time though, we see that the EMA 200 is very close the the price and could change its mind every second... So that is not a good help right now.
The main trend is long as well, but on the other hand, the price forms lower highs (sign for a downtrend)...
Me personally, I think the breakout will go long, but its a 50/50. You could also just flip a coin.
Keep watching it is the only definitive way to see what the price will do...
Good luck!
If you have any information why the price would more likely go in either direction, I am glad to hear it!
Trade active
I risk a small position right now, and will enlarge it as the breakdown continues. It could still be a trap, thats why I am careful.Best of luck to all of you!
Trade closed: stop reached
Ha, there was the trap!I told, you, right?
Good thing I trailed this one closely ;-)
Note
Allright, I smell another entry for a short position here. If the price bounces back from that green resistance, we give it another sho(r)t!Note
After all, the bulls cant break the resistance, so it might be smart to go short on this one... MIGHT!
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Free Trading Education:
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.