To begin with, the sentiment of the market is bearish. Massive bearish candles have been printed and the price has been dropping dramatically. As a rule of thumb, after an impulsive move, a correctional move should take place. The price is currently sitting on a major level of support and we can see some signs of a short-term bullish reversal. We are expecting for the price to keep rising on the short-run and reach the area of resistance illustrated on the chart that lines up with 50% Fibonacci retracement level. From there, we will be looking forward for the price to form a nice top, before we go short and aim for the targets depicted on the graph.
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