The dominance has formed a local descending formation - it's either a channel or a wedge depends on how you draw it- but either way the odds of it breaking to the upside are higher. If it continues to drop within its trendlines, it will soon reach an important zone (4.35-4.20) which is also where the lower trendline of yellow parallel channel is. This confluence gives a solid chance for a bounce from those levels (bearish for the market) However, if the dominance breaks below 4.20%, this could indicate a potential reversal (or at least short term recovery) on the market.
Historically (over the last 4 years), we have never seen a macro V-shaped change in a trend direction, that's why I would stick to a bearish narrative for a while, until proven otherwise.
-- 1h chart, local view:
tradingview.com/x/iJ6MEPq6/
Historically (over the last 4 years), we have never seen a macro V-shaped change in a trend direction, that's why I would stick to a bearish narrative for a while, until proven otherwise.
-- 1h chart, local view:
tradingview.com/x/iJ6MEPq6/
Related publications
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.
Related publications
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.