Starting with the 4hour chart above.
At time of writing this thesis, I'm not seeing any reasons to go long with this pair leaving only further downside probability in play.
RSI is trading below 50 and larger timeframes remain bearish. See further details below.
== DAILY ==
* Downside pressure remains
* Trading below 200 SMA and 50 RSI
* Bearish channel remains
== WEEKLY ==
* Maintaining bearish channel
* RSI minor indication of bearish resistance as it climbs above 30
== IN SUMMARY ==
Be cautious about going long with this pair as I'm not seeing any reasons technically or fundamentally speaking that confirm a buying opportunity.
At time of writing this thesis, I'm not seeing any reasons to go long with this pair leaving only further downside probability in play.
RSI is trading below 50 and larger timeframes remain bearish. See further details below.
== DAILY ==
* Downside pressure remains
* Trading below 200 SMA and 50 RSI
* Bearish channel remains
== WEEKLY ==
* Maintaining bearish channel
* RSI minor indication of bearish resistance as it climbs above 30
== IN SUMMARY ==
Be cautious about going long with this pair as I'm not seeing any reasons technically or fundamentally speaking that confirm a buying opportunity.
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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.