Since October 2016 - Summer 2017 we were more or less in a nice upward trend which slowly turned into a big range as you can see last try to break the summer 2017 High failed and on its way down price breaks through a nice upward trendline ( a nice short trade by the way)
Now we just testing the low of the range outside of the trendline which could lead to 2 different scenarios .
1) Price is able to break this support and starts to sell off , we have anough open space to the downside to to give us a healthy short trade after a break n close through the support .
2) Price gets rejected from the support and starts a bullish move to the upside with intention to retest the broken trendline before further downside momentum
Now we just testing the low of the range outside of the trendline which could lead to 2 different scenarios .
1) Price is able to break this support and starts to sell off , we have anough open space to the downside to to give us a healthy short trade after a break n close through the support .
2) Price gets rejected from the support and starts a bullish move to the upside with intention to retest the broken trendline before further downside momentum