At this point the price has been unable to keep moving lower, therefore the most immediate down trend channel is no longer valid because it doesn’t represent the price behavior. Therefore until now after two trend channels that have failed to consolidate its movement (uptrend and downtrend) now one can identify an area of congestion where the buyers and sellers are agree in the value of this asset.
In this order of ideas I would prefer to wait until the price reach some of the extremes in order to take a position in the market
In this order of ideas I would prefer to wait until the price reach some of the extremes in order to take a position in the market
Commento:
At this point the price is showing its unwillingness to kee pushing higher, therefore this fact reinforce the initial hypothesis of a congestion levels where buyers and sellers are in equilibrium
