Alright Traders,
Looking at the charts, it seems price just broke below a really strong trend line support – that line held up multiple times (you can see the circled spots!).
Now, the big question is: Is this just a quick dip (a pullback) in our current uptrend, or is this the end of the uptrend altogether?
If the price holds up at the 1.16146 support level, we could see a strong move higher, potentially all the way to our daily trend line resistance (that dotted line).
But, if the 0.618 Fibonacci support level fails to hold, we might be looking at a short downtrend heading towards a daily or even weekly support zone.
My technical indicators are flashing 'buy' right now, but we know we can't just follow indicators blindly.
So, here's my plan: I'm waiting. I want to see if this pullback finishes and price starts climbing again, or if it clearly shows us the uptrend is over and a downtrend has started. Patience is key!
Timeframes used: Daily and Weekly
Current Trend: Uptrend"
Looking at the charts, it seems price just broke below a really strong trend line support – that line held up multiple times (you can see the circled spots!).
Now, the big question is: Is this just a quick dip (a pullback) in our current uptrend, or is this the end of the uptrend altogether?
If the price holds up at the 1.16146 support level, we could see a strong move higher, potentially all the way to our daily trend line resistance (that dotted line).
But, if the 0.618 Fibonacci support level fails to hold, we might be looking at a short downtrend heading towards a daily or even weekly support zone.
My technical indicators are flashing 'buy' right now, but we know we can't just follow indicators blindly.
So, here's my plan: I'm waiting. I want to see if this pullback finishes and price starts climbing again, or if it clearly shows us the uptrend is over and a downtrend has started. Patience is key!
Timeframes used: Daily and Weekly
Current Trend: Uptrend"
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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.
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.