Short term directions: Long
Reasons:
Looking at the price movement on the daily chart we can see that the latest bearish movement touched the lowest indicated support line. As it has already made a big bearish movement bounce off it before, we do expect it to hold this time as well. The RSI is also getting oversold, which is another indicator for us that the price will probably bounce off and continue in the bullish direction.
Continuing our analysis on the four-hour chart, we can see that the price has been bouncing off the support line for quite some time now. As there are no indicators that that will change soon we have no reason to believe that the bullish bounces will stop now.
On the hourly chart, we can see, that a bounce has occurred yesterday, but the price made a bearish move to retest the indicated support line. As the analysis on the higher timeframes tells us that the line is strong, and we can see that the price started to move below the 20 period SMA, we expect another bullish bounce off the support line.
We wish you good luck with your trading!
Reasons:
Looking at the price movement on the daily chart we can see that the latest bearish movement touched the lowest indicated support line. As it has already made a big bearish movement bounce off it before, we do expect it to hold this time as well. The RSI is also getting oversold, which is another indicator for us that the price will probably bounce off and continue in the bullish direction.
Continuing our analysis on the four-hour chart, we can see that the price has been bouncing off the support line for quite some time now. As there are no indicators that that will change soon we have no reason to believe that the bullish bounces will stop now.
On the hourly chart, we can see, that a bounce has occurred yesterday, but the price made a bearish move to retest the indicated support line. As the analysis on the higher timeframes tells us that the line is strong, and we can see that the price started to move below the 20 period SMA, we expect another bullish bounce off the support line.
We wish you good luck with your trading!