While I am not ruling this out, to my mind we are still looking for confirmation in both directions. Looking on the monthly we saw price retrace and retest the monthly resistance marked on the chart above, and it received a very strong rejection. This monthly resistance is mapped from the monthly , which is structurally very important as the show periods of extended price action in a small range. It is possible we may see the price retest this range again and I suspect if it does we will see another strong rejection as this is the movement many are wanting for to go long from 42k range. A second rejection of this zone would confirm the strong demand and depending on the time frame possibly print a nice tweezers pattern as we did with the JUNE – JULY bottom.
If we look at the fib levels on the macro structure none of this price movement feels at all remarkable, with monthly price pattern remaining very loyal to the fib retrace levels, including the most important 0.5 which marks the monthly resistance
If sellers manage to pierce through this 0.5 on the monthly I think we then have to seriously considered the mid to long term trend, but until we see this I still see this structure as overall – so I am holding, accumulating small amounts at zones of interest and keeping a percentage of my portfolio liquid to buy are dips back towards the monthly resistance.
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