This is not financial advice, this is a way for me to practice expressing my thoughts as well as my technical analysis .
In the short term we have a tightening wedge and signs are pointing towards an upwards breakout due to nearing the bottom support of the longterm uptrending channel.
To be safe, we will wait for a retest of the support after the breakout and only after another upwards movement will we enter the long position.
For the time being, I assume it will only rise to about the 2.414 fibonacci resistance, however it's very possible it could go even higher.
These arrows and paths are only my guesses of what the price action may look like, so ignore at what exact time they are placed.
Please let me know if I said something wrong and what I can improve.
In the short term we have a tightening wedge and signs are pointing towards an upwards breakout due to nearing the bottom support of the longterm uptrending channel.
To be safe, we will wait for a retest of the support after the breakout and only after another upwards movement will we enter the long position.
For the time being, I assume it will only rise to about the 2.414 fibonacci resistance, however it's very possible it could go even higher.
These arrows and paths are only my guesses of what the price action may look like, so ignore at what exact time they are placed.
Please let me know if I said something wrong and what I can improve.