The price has been growing without any signs of stopping for the past few days. After a massive impulsive move is completed, a decent correctional move is needed. It can be inferred from the chart, that the bears are slowly but steadily stepping into the game and attempting to drive the price down. Therefore, we are waiting for the price to form a nice top, before we open SELL positions and aim for the zone identified on the chart, which is a strong level of previous resistance turned support that also aligns with the 0.5 Fibonacci retracement level.
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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.