Based on the chart, price have reached a major support area and a false breakout have happened. Also based on this false breakout we can conclude that there is strong demand at this area which can be good sign of buyers strength.
Even more based on candlesticks, we can notice a good bullish Engulfing formed here 3 days ago while we can see no sign of sellers power.
So based on this scenario I opened a buy position with a great risk reward ratio which can be about 1:4.
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!
Even more based on candlesticks, we can notice a good bullish Engulfing formed here 3 days ago while we can see no sign of sellers power.
So based on this scenario I opened a buy position with a great risk reward ratio which can be about 1:4.
Note: As always please take risk management rules into consideration before opening any position on the market.
Good Luck!