Currently the price is forming a bearish channel, sometimes I call it compression. usually if there is price compression like this, it will look for the strongest support area before continuing the impulse wave.
if you see the red area as daily support & fibo retracement area that intersects with each other, then there is a high probability that the price will respond positively to the area before continuing its bullish trend again.
if you see the red area as daily support & fibo retracement area that intersects with each other, then there is a high probability that the price will respond positively to the area before continuing its bullish trend again.
