So far the price have found Support around the 50% of the previous Up Movement (See the fib), However the last attempt to go higher seems to start losing momentum, because the most immediate up trend line (Demand Line) has been broken.
However that does not necesarily means that the bearish market will continue, in fact, depending on the price action, the current area could be atractive for taking long positions, off course if the demand is strong enought to impulse the market to the upside and if the price action say so.
In the other hand, if during the next months, the price is unablLSHe to break the LSH, and instead of it it makes a Lower High, I would be interested in look for short set ups in Lower time frames. In any case what is really important about this scenario is the place of the market right now, because it is located at an extreme ... Lets see how the action evolves during the next sessions.
However that does not necesarily means that the bearish market will continue, in fact, depending on the price action, the current area could be atractive for taking long positions, off course if the demand is strong enought to impulse the market to the upside and if the price action say so.
In the other hand, if during the next months, the price is unablLSHe to break the LSH, and instead of it it makes a Lower High, I would be interested in look for short set ups in Lower time frames. In any case what is really important about this scenario is the place of the market right now, because it is located at an extreme ... Lets see how the action evolves during the next sessions.
