As you can see, price has broken the downwards channel. Price is currently heading back down to retest the channel. One of two possible scenario's will take place;
1 - Price will break through, back down into the channel and continue downwards
2 - Price will reject the channel, thus reversing the current downtrend and will begin to make moves to the upside
In this current market, anything can happen. We can only trade what we see and should never try guessing. I will wait for the retest and enter a position depending on how price reacts.
1 - Price will break through, back down into the channel and continue downwards
2 - Price will reject the channel, thus reversing the current downtrend and will begin to make moves to the upside
In this current market, anything can happen. We can only trade what we see and should never try guessing. I will wait for the retest and enter a position depending on how price reacts.
Not financial advice. Only my opinions.