Short term directions: Long
Reasons:
We are starting our analysis on the monthly chart. The price is currently at the indicated purple support line, and is making a bullish channel formation, and is also at the support line of the channel formation right now. The RSI is not overbought, so we have reason to believe that the next move on the higher timeframe should be a bullish bounce off the both indicated support lines.
Looking at the price movement on the daily timeframe, we can see that a bullish impulsive move has formed after a bearish one as the RSI became oversold. The price is now making a reversal again and is moving in the bearish direction. A few corrective bullish or sideways moves could form before the price touches the lower support line, but all in all, we are expecting a bearish move towards the lower support line.
Looking at the four-hour chart, we can see that the bearish movement has stopped at the support line. A bullish bounce or a sideways move will probably be formed before the breakout beneath the indicated line and a bearish move.
On the hourly timeframe, we can see that a bullish move has already formed. On the lower timeframe, we are expecting the price to make another bullish bounce before the bearish ones that we are expecting on the higher timeframe.
We wish you good luck with your trading!
Reasons:
We are starting our analysis on the monthly chart. The price is currently at the indicated purple support line, and is making a bullish channel formation, and is also at the support line of the channel formation right now. The RSI is not overbought, so we have reason to believe that the next move on the higher timeframe should be a bullish bounce off the both indicated support lines.
Looking at the price movement on the daily timeframe, we can see that a bullish impulsive move has formed after a bearish one as the RSI became oversold. The price is now making a reversal again and is moving in the bearish direction. A few corrective bullish or sideways moves could form before the price touches the lower support line, but all in all, we are expecting a bearish move towards the lower support line.
Looking at the four-hour chart, we can see that the bearish movement has stopped at the support line. A bullish bounce or a sideways move will probably be formed before the breakout beneath the indicated line and a bearish move.
On the hourly timeframe, we can see that a bullish move has already formed. On the lower timeframe, we are expecting the price to make another bullish bounce before the bearish ones that we are expecting on the higher timeframe.
We wish you good luck with your trading!