As mentioned in previous chart analysis, after the breakout of the downward trend channel, before going long I was looking for the price to come back and retest the downward trend channel line which has now become support. If looks like however price wants to test all the way down to the 200 EMA (Red line).
To go long I also want to see a trend, which can be identified simply with a higher-higher and a higher-low, however you see the latest high was at the same level as a previous high. We now have multiple touches at that price (apprx 11,800) which gives us a resistance line, and now the current low is LOWER than the previous low. None of this tells me to go long at this moment.
So for now there is no move to be made, either we may bounce in this sideways channel a bit before it breaks one way or the other. Have to sit tight and see what happens.
Cheers!
To go long I also want to see a trend, which can be identified simply with a higher-higher and a higher-low, however you see the latest high was at the same level as a previous high. We now have multiple touches at that price (apprx 11,800) which gives us a resistance line, and now the current low is LOWER than the previous low. None of this tells me to go long at this moment.
So for now there is no move to be made, either we may bounce in this sideways channel a bit before it breaks one way or the other. Have to sit tight and see what happens.
Cheers!