Now at the upper parallel of a downtrending fork.
I will wait to see if price falls from here, or ascends slightly to bounce from the ascending line around 935 before retracing.
Possible support lines include the lowest ascending line around 600 or the steeper line from the recent low around 650
According to my experience if we bounce from one of the ascending lines (around 935) price will be more likely to go one of the parallel lines.
I do not think that we are ready for a major breakout yet and we will probably be range bound for several weeks.
So any trade will be a short one lasting probably only days
I will wait to see if price falls from here, or ascends slightly to bounce from the ascending line around 935 before retracing.
Possible support lines include the lowest ascending line around 600 or the steeper line from the recent low around 650
According to my experience if we bounce from one of the ascending lines (around 935) price will be more likely to go one of the parallel lines.
I do not think that we are ready for a major breakout yet and we will probably be range bound for several weeks.
So any trade will be a short one lasting probably only days
Note
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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.