Short term direction: Long
Reasons:
Starting our analysis on the daily chart we can see that the price just made a big sharp bearish move lately, and it now seems that it is slowing down as it hits the indicated support line, that has already been active as support in the past months. The RSI is also on the oversold side. Because of that, we do expect the price to make a bullish bounce off the indicated support line.
On the four hour chart, we can see the same thing. We can see that the bearish movement has been slowing down lately as it is not as sharp anymore. We also expect a bullish bounce off the support line on this timeframe.
As we trade on the hourly timeframe, we are waiting for the price to touch the indicated support line as a confirmation that a bullish bounce is coming,
We wish you good luck with your trading!
Reasons:
Starting our analysis on the daily chart we can see that the price just made a big sharp bearish move lately, and it now seems that it is slowing down as it hits the indicated support line, that has already been active as support in the past months. The RSI is also on the oversold side. Because of that, we do expect the price to make a bullish bounce off the indicated support line.
On the four hour chart, we can see the same thing. We can see that the bearish movement has been slowing down lately as it is not as sharp anymore. We also expect a bullish bounce off the support line on this timeframe.
As we trade on the hourly timeframe, we are waiting for the price to touch the indicated support line as a confirmation that a bullish bounce is coming,
We wish you good luck with your trading!